Mortgage Dictionary for words that start with letter M
Margin - The number of percentage points the lender adds to the index rate to calculate the adjustable rate mortgage (ARM) interest rate at each adjustment.
margin - The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A typical margin is 2.75%.
Market Price - The price paid for a property; the amount of money that must be given or which can be obtained at the market in exchange under the immediate conditions existing at a certain date. To be distinguished from market value.
Market Value - The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.
Market Value - The highest price estimated in terms of money which a buyer would be warranted in paying and a seller justified in accepting, provided both parties were fully informed, acted intelligently and voluntarily and, further, that all the rights and benefits inherent in or attributable to the property were included in the transfer.
Marketable Title - A title that is free and clear of objectionable liens, clouds or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.
Marketing - The management process through which efforts to conceive, develop and deliver goods and services are integrated to satisfy the needs and wants of selected customers as a means of achieving company objectives.
Mechanics Lien - A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land.
Misrepresentation - False statement made to or concealment of knowledge from another party with the intent to provoke action from that party.
Mortgage - A lien or claim against real property given as security for a loan. It is a two party agreement as apposed to the three-party agreement of a deed of trust.
mortgage - A legal document that pledges a property to the lender as security for payment of a debt
Mortgage Banker - Financial intermediaries that originate mortgage loans through loan officers or independent mortgage brokers and sell the mortgages into the secondary mortgage market.
Mortgage Broker - A professional that helps consumers through the loan selection, processing and closing of a mortgage loan. Most mortgage brokers have access to a wide range of mortgage products through many mortgage lenders. Mortgage brokers are paid a fee by the borrower when a suitable mortgage is found and closed.
Mortgage Commitment - A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house.
mortgage disability insurance - A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.
Mortgage Insurance - Insurance required for a loan-to-value ratio above 80.01%.
mortgage insurance (MI) - Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
Mortgage Note - The document outlining the amount of the debt, the terms and payments, the interest rate, margins and caps for ARMs, the name of the lender and the borrower, and any other material item required by the lender.
Mortgage Warehousing - A funding facility, such as a commercial bank, that is used by mortgage companies to fund loans which are sold to an investor shortly thereafter. The mortgage notes are used as collateral for this interim financing.
mortgagee - The person or company who receives the mortgage as a pledge for repayment of the loan. The mortgage lender.
Mortgagee - The lender of money or the receiver of the mortgage document.
mortgagor - The mortgage borrower who gives the mortgage as a pledge to repay.
Mortgagor - The borrower of money or the giver of the mortgage document.
Multiple Listing Service - A means of making possible the orderly dissemination and correlations of listing information to its members so that REALTORS may better serve the buying and selling public.
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Mortgagor and Mortgagee -
Mortgagor is also called the borrower or owner, while Mortgagee is also called the lender.
Face Value -
The borrower promises to the pay the original principal amount which is the face value of the mortgage.
First mortgage and Second mortgage -
The first mortgage refers to the current mortgage, while the second mortgage refers to the additional mortgage.
Fair Market Value -
It is the median price between the highest price acceptable to buyer and lowest price acceptable to seller.
Market Value -
It is the most likely price at which the property would sell.