-M-
-
Margin
-
the number of percentage points the lender adds to the index
rate to calculate an ARM
interest rate.
-
Maturity
-
the date on which the principal
balance of a loan becomes due and payable.
-
Mortgage
-
a lien or claim against real
property given as security for a loan.
-
Mortgage
Banker
-
financial intermediaries that orginate mortgage loans through
loan officers
or independent mortgage brokers and sell the mortgages into
the secondary
mortgage market.
-
Mortgage
Broker
-
a company or individual who assists borrowers in obtaining
a loan, usually through a variety of lenders and programs.
-
Mortgage
Insurance
-
insurance that may be required by the lender for a high
loan-to-value
ratio. The policy insures the lender against loss in the
event of a default,
and is generally added to the monthly mortgage payment.
Mortgage insurance may be issued by a government agency
such as FHA,
or by a private company (PMI).
-
Mortgage
Note
-
the document outlining the amount of the debt, the terms
and payments, the interest
rate, margins and caps
(if applicable), the name of the lender and the borrower,
and any other material item required by the lender.
|
|
Mortgage Glossary © Copyright 2004, 2008
|
|
|
|
