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GLOSSARY 'M' |
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1. |
Manufactured Homes:
Factory-built or prefabricated housing, including mobile homes.
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2. |
Margin:
In ARMs it is the difference between the index and the mortgage interest rate.
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3. |
Mortgage Banker:
An entity that originates mortgage loans with its own funds.
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4. |
Market Value:
The highest price that a buyer would pay and the lowest price a seller would accept on a property.
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5. |
Metes and Bounds:
A description of a property in terms of distance, direction and landmarks.
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6. |
Mobile Home:
A factory-assembled residence consisting of one or more modules, in which a chassis and wheels are an integral part of the structure, and can be readied for occupancy without removing the chassis and/or wheels.
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7. |
Modular House:
A factory assembled residence built in units or sections, transported to a permanent site and erected on a foundation. Excludes mobile homes.
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8. |
Monthly Housing Expense:
Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis.
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9. |
Mortgage:
A pledge of property, usually real property, as security for a debt.
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10. |
Mortgage Broker:
An entity who for a commission, matches borrowers and lenders.
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11. |
Mortgage Commitment:
An agreement between lender and borrower detailing the terms of a mortgage loan.
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12. |
Mortgage Insurance (MI):
Insurance which protects mortgage lenders against loss in the event of default by the borrower.
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13. |
Mortgage Interest:
The amount of money the borrower pays the lender to compensate the latter for the use of its money to purchase the home.
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14. |
Mortgage Life Insurance:
A type of term life insurance bought by the lender.
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15. |
Mortgage Note:
A written promise to pay a sum of money at a stated interest rate during a specified term.
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16. |
Mortgagee:
The lender.
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Mortgagee Clause:
A clause that is attached to an insurance policy stipulating that the lender will receive a portion of insurance proceeds sufficient to satisfy the unpaid amount of a loan in the event of a loss.
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18. |
Mortgagor:
The borrower.
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