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Glossary of Mortgage Terms

Explore commonly used mortgage terms that are frequently used by AmeriSave Mortgage.
Mortgagee

A mortgagee is the company (bank, credit union or financial institution) or individual that gives you money to buy or refinance a home. Until you pay off the loan, they also have a legal claim to the property.

Mortgagee Clause

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.

Mortgagor

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.

Multifamily Home

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.

Multiple Listing Service (MLS)

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.

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