# mortgage_plan # mortgage_plan The financing structure chosen for a loan: its name, its code and its amortisation term. A mortgage plan is a financial agreement between a borrower and a lender to finance the purchase of a property. ## Why it matters Four fields — an identifier, a name, a code and an amortisation term. A mortgage application points at one. The plan is separated from the loan because the same structure is offered to many borrowers, and pricing is quoted against the structure rather than against the file. Best execution runs an eligible-product search across amortisation terms, which is only expressible if the term belongs to a plan that can be compared with other plans. ## In practice Price selects across plans, and the plan the quote was produced under stays attached to the application afterwards. ## Properties | Property | Type | Definition | | --- | --- | --- | | `amortization_term` | `string` | Mortgage plan amortization term refers to the specific conditions and schedule for paying off a mortgage loan. The amortization term typically refers to the length of time over which the borrower agrees to repay the loan. | | `code` | `string` | Mortgage plans can be identified by various codes or identifiers used by lenders, such as loan numbers or mortgage identification numbers (MINs). Loan numbers are typically assigned by the lender and are used to track the specific mortgage loan within the lender's system. Mortgage identification numbers (MINs) are unique nine-digit numbers assigned by the Mortgage Electronic Registration System (MERS) to identify a mortgage loan throughout its life, even if the loan is sold or transferred to another lender. | | `name` | `string` | A company name is a word or set of words that is used to identify a business entity. It is the primary way in which a company is recognized and distinguished from other entities. | | `plan_identifier` | `string` | A mortgage plan identifier (MPI) is a unique identification number assigned to a mortgage plan or mortgage agreement. It is a way to track and identify individual mortgage plans, and is typically used by lenders, financial institutions, and government agencies. The MPI is usually a combination of numbers and letters, and is assigned by the lender at the time the mortgage plan is established. It serves as a reference for the lender to identify the specific mortgage plan and keep track of it throughout its life cycle. | ## Referenced by - `mortgage_application`