MARGIN
The percentage difference between the index for the loan and the interest rate charged. This number is predetermined by the lender. |
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MARKET VALUE
The market price of a given piece of property. |
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MARKETABLE TITLE
A title that is free and clear of objectionable liens, clouds, or other title defects. |
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MODIFICATION
Any change to the original terms of a mortgage. |
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MORTGAGE
A legal document that pledges a property to the lender as security for payment of a debt. |
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MORTGAGE BANKER
A company that originates mortgages exclusively for resale in the secondary market. |
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MORTGAGE BROKER
A company that for a fee matches borrowers with lenders. |
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MORTGAGE INSURANCE
Insurance purchased by a buyer to cover the lender’s risk of loss. Generally required by lenders when the down payment is less than 20% of the purchase price. |
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MORTGAGE INSURANCE PREMIUM
The amount paid by a mortgagor for mortgage insurance. |
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MORTGAGEE
The lender in a mortgage agreement. |
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MORTGAGOR
The borrower in a mortgage agreement. |
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