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Mortgage Glossary

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Margin The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment
Market Rate The average rate charged by a lender for a loan.
Market Value The highest price that a buyer would pay for a property and the lowest price that a seller would accept.
Maturity The date on which the principal balance of a loan becomes due and payable
Monthly Fixed Installment That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction and doesn't cover all of the interest. The loan balance therefore increases instead of decreasing
Monthly Housing Expense Total monthly expense of principal, interest, taxes and insurance.
Mortgage A legal document that pledges a property to the lender as security for payment of a debt
Mortgage Banker A company that originates mortgages exclusively for resale in the secondary mortgage market.
Mortgage Broker An individual or company that brings borrowers and lenders together for the purpose of loan origination.
Mortgage Insurance A contract that insures the lender against loss caused by a mortgagor's default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency


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