-M- Mortgage Terms Glossary

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Mortgage Terms Glossary

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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.