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 Loan Terms

Loan Definitions
Loan Terms (A)
Loan Terms (B)
Loan Terms (C)
Loan Terms (D)
Loan Terms (E)
Loan Terms (F)
Loan Terms (G)
Loan Terms (H)
Loan Terms (I)
Loan Terms (J & K)
Loan Terms (L)
Loan Terms (M)
Loan Terms (N)
Loan Terms (O)
Loan Terms (P & Q)
Loan Terms (R)
Loan Terms (S)
Loan Terms (T)
Loan Terms (U & V)
Loan Terms (W)
Loan Terms (X,Y,Z)


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The Mortgage Process


Loan Terms and Definitions (M)

Margin: The amount added, as a percentage, to a mortgage index for the purpose of determining the rate the borrower pays on an adjustable rate loan.

Market Value: The highest price that a buyer is willing to pay for property on the open real estate market and the least that a seller is willing to accept.

Money Market: The overall availability of money that can be used for short term and long term loans.

Mortgage: A mortgage is a document that fulfills the rights of a lender that makes a loan (or lien) against real property as security for repayment of the debt.

Mortgage Banker: A lender, bank or mortgage company, that uses it's own funds or the funds from other sources to make loans.

Mortgage Broker: An individual or company that works with borrowers to find the right loan program that fit the needs of the borrower. The mortgage broker does not loan money but submits it's borrower's application to banks and mortgage companies for underwriting and funding.

Mortgagee: The individual or company, called the lender, that makes a loan on real property and holds the property as security for the debt.

Mortgagor: The person or persons who borrows money and pledges their real property as security for the debt.

Mortgage Insurance: Insurance policy written to protect the lender against loss due to default, thus allowing the lender to make a loan at a higher percentage of the sales price.

Multi-Family Dwelling: A building designed to house more than one family at a time, usually apartment complexes.

Multiple Listing Service (MLS): A service offered by local Boards of Realtors that allow member realtors to display all of their listings to other realtors and agents so they can view them and know what is being offered for sale as a whole. The MLS is a form of direct advertisement to other brokers for properties that are listed for sale.

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