The amount paid by a borrower for mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... insurance, either to a government agency such as the Federal Housing Administration (FHA)An agency within the U.S. Department of Housing and Urban Development (HUD) that insures mortgages and loans made by private lenders. FHA-Insured Loan: A loan that is insured by the Federal Housing Administration (FHA) of the U.S. Department of Housing and Urban Development (HUD). or to a private mortgage insuranceInsurance for conventional mortgage loans that protects the lender from loss in the event of default by the borrower. See Mortgage Insurance. (PMI) company.
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