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Mortgage Loan Glossary

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Innovative mortgage loan

An innovative mortgage loan is a type of mortgage loan that can fulfill your needs in unique mortgage loan situations. An innovative mortgage loan is like your own custom-combo of various types of mortgage loans and is perfect for your mortgage loan deals that don't qualify for conventional mortgage loan financing.

Institutional mortgage loan

The type of mortgage loans that you can get from a mortgage loan brokerage's institutional mortgage loan lenders.

Institutional mortgage loan lenders

Institutional mortgage loan lenders are financial institutions like banks or trust companies that lend money for people to get mortgage loans. There are also private mortgage loan lenders.

Interest

Interest is a percentage you're charged on your principal (the amount of money you borrowed) by your mortgage loan lender for borrowing money from them.

Interest accruing mortgage loan

The interest accruing mortgage loan is a mortgage loan type you don't have to pay any interest on (or make any mortgage loan payments on) until the end of your mortgage loan term.

Interest only mortgage loan

The interest only mortgage loan is the type of mortgage loan that you only pay interest on until the end of your mortgage loan term.

Interest only mortgage loan payments

Interest only mortgage loan payments are payments that you make during your mortgage loan term to only pay off interest: the percentage you're charged on your principal (the amount of money you borrowed) by your mortgage loan lender for borrowing money from them.