Margin: A fixed number added to
the index to compute the rate on an ARM.
Marketable Title: A title that is
free of liens, cloud and other defects, and is therefore
readily accepted by a buyer.
Market Value: Highest price that
a buyer is willing to pay, and the lowest price that
a seller would accept on a property. Market value
may not be the final price paid for the property.
Mechanics Lien: The right of an unpaid
contractor or subcontractor to file a lien against
property to recover the amount due to him.
Mortgage: A written document that
creates a lien upon a piece of real estate as security
for a loan.
Mortgage Backed Security: A bond
or other obligation secured against a pool or mortgage
loans.
Mortgage Banker: Person or company
specializing in originating and servicing loans. Generally
they sell loans to various investors.
Mortgage Broker: A person or company
who arranges financing for a borrower by placing loans
with lenders. A broker has the advantage of working
with several lenders so that they can find the best
deal for a person, regardless of their situation.
Brokers are paid a fee by either the borrower, or
the lender, or both.
Mortgagee: Lender.
Mortgager: The borrower.
Mortgage Insurance: See Private Mortgage
Insurance (PMI).
Mortgage Note: An agreement to repay
a loan. The agreement is secured by a mortgage and
serves as proof of an indebtedness, and states the
manner in which it will be repaid. The note renders
the mortgager responsible for repayment of the debt,
and states the amount of the debt.
