Margin
The spread or difference between the index rate and the interest
rate on an ARM loan.
Market
value The price a willing buyer would pay and a willing
seller would accept, both being fully informed and the property
being exposed for sale for a reasonable period of time.
Maturity
date The final date of the term of the loan.
Mechanic's
lien A lien created by statute for the purpose of
security priority of payment for the price or value of work
performed and materials furnished in construction or repair
improvements to land, and which attaches to the land as well
as the improvements.
Modification
The act of changing any of the terms of a mortgage.
Mortgage
A conveyance of an interest in real property given as security
for the payment of a debt.
Mortgage
banker A firm or individual active in the fields of mortgage
banking.
Mortgage
broker A firm or individual bringing the borrower
and the lender together and receiving a commission.
Mortgagee
The lender in a mortgage transaction.
Mortgage
insurance Insurance that protects a lender
against loss caused by a mortgagor's default. This insurance
may cover a percentage or virtually all the mortgage loan,
depending on the type of insurance. (Called MI or PMI)
Mortgagor
The borrower in a mortgage transaction who pledges property
as security for a debt.
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