Glossary of Mortgage Terms

A mortgagee clause is a part of your homeowners insurance policy that protects your lender's financial interest in your property if it gets damaged or lost.

A mortgagor is the person or entity that borrows money from a lender to buy real estate, pledging the property as collateral until the loan is fully repaid.

A multifamily home is a type of residential property that has two or more separate housing units under one roof or on a single lot. Each unit has its own kitchen and entrance.

A multiple listing service, or MLS, is a private database that real estate agents use to share and search property listings in a specific region, giving buyers and sellers access to the widest pool of homes on the market.