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The Loan Process	Tips and Tricks	FAQs	Glossary

Glossary




		Margin A fixed number added to the index to compute the rate on an adjustable rate mortgage.

		Marketable Title Title that is free of liens, clouds and other legal defects and hence is readily acceptable by a buyer.

		Market Value The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.

		Mechanics Lien The right of an unpaid contractor or subcontractor to file a lien against property to recover the amount due to him/her.

		Mortgage A written instrument that creates a lien upon real estate as security for the payment of a specified debt.

		Mortgage Backed Security (MBS) A bond or other financial obligation secured by a pool of mortgage loans.

		Mortgage Banker Specializes in originating and servicing loans. They generally sell their loans to investors, but may continue to service them.

		Mortgage Broker Arranges financing for a borrower by placing loans with lenders. Mortgage brokers are paid a fee by the borrower or the lender when a loan closes.

		Mortgagee The lender.

		Mortgagor The borrower.

		Mortgage Insurance See private mortgage insurance (PMI).

		Mortgage Note A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.