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Margin
The percentage amount added to an index to calculate the interest rate of an adjustable rate mortgage at each adjustment.
Market Value
The value that a willing seller would accept and a willing buyer would offer given a reasonable time for the seller to market a property.
Marketable Title
A title that is free and clear of liens, clouds, or other defects which would prevent the sale of the property.
MIP (Mortgage Insurance Premium)
Insurance purchased by borrower to insure against default on government (FHA or VA) loans.
Monthly Housing Expense
Total monthly expense of principal, interest, taxes and insurance.
Mortgage
A mortgage is a legal document that is used to secure the performance of an obligation. A typical real estate transaction consists of a lender (mortgagee) loaning money to the buyer (mortgagor). The mortgage creates a lien on the property as security for the debt; a promissory note is signed by the mortgagor to create the liability of the buyer. For a valid mortgage there must be both the note and the pledge.
Mortgage
Document creating a lien on a property as security for the payment of a debt. In some states, a Deed of Trust is used instead.
Mortgage Banker
A lender that originates and funds, then sells and services mortgage loans.
Mortgage Broker
A person or entity that arranges financing for borrowers, but places loans with lenders rather than funding them with the broker's own money.
Mortgage Insurance
Insurance purchased by a buyer to cover the lender's risk of loss. Mortgage Insurance is generally required by lenders when the down payment is less than 20% of the purchase price.
Mortgage interest
Deductible interest paid on debt that qualifies as acquisition indebtedness or home-equity debt.
Mortgage Loan
A loan for which real estate serves as collateral to provide for repayment in case of default. Mortgage Note - Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage.
Mortgagee
The lender in a mortgage loan transaction.
Mortgagor
(Borrower) - An individual who applies for and receives a loan in the form of a mortgage with the intention of repaying the loan in full
Mortgagor
The borrower in a mortgage loan transaction.