|
|
 |
 |
 |
 |
 |
Mortgage glossary: Letter M |
|
|
 |
|
 |
| |
Margin A number, expressed as a percentage, that is added to a mortgage's index to determine the rate the borrower pays on the note. An index can be a six-month CD at 4.00 percent and the margin can be 2.00 percent. The interest rate the borrower pays is 4 + 2, or 6.00 percent. A fully indexed rate is the index plus the margin.
Market Gain The difference between what a mortgage price was when you locked it with the lender and what the mortgage price is when the loan is physically locked with the lender's secondary department or with a mortgage broker's wholesale lender.
Market Value In an open market, the market value of a property is both the highest the borrower is willing to pay and the least the seller is willing to accept at the time of contract. Property appraisals help justify market value by comparing similar home sales in the subject property's neighborhood.
Modifiable Mortgage A mortgage loan that allows its interest rate to be modified, even if it's at another lender.
Mortgage A loan with the property being pledged as collateral. The mortgage is retired when the loan is paid in full.
Mortgage-Backed Securities Investment securities issued by Wall Street firms that are guaranteed, or collateralized, with home mortgages taken out by consumers. These securities can then be bought and sold on Wall Street.
Mortgage Bankers Lenders who use their own funds to lend money. Historically, these funds would have come from the savings accounts of other bank customers. But with the evolution of mortgage banking that's the old way of doing business. Even though bankers use their own money, it may come from other sources such as lines of credit or through selling loans to other institutions. Mortgage Brokers Companies that set up a home loan between a banker and a borrower. Brokers don't have money to lend directly, but they have experience in finding various loan programs that can suit the borrower, similar to how an independent insurance agent operates. Brokers don't work for the borrower but instead provide mortgage loan choices from other mortgage lenders.
Mortgagee The person or business making the loan; also called the lender.
Mortgage Insurance (MI) See Private Mortgage lnsurance.
Mortgagor The person(s) getting the loan; also called the borrower.
Multiple Listing Service MLS is a central repository where real estate brokers and agents show homes and search for homes that are for sale.
|
|
| |
|
|
 |
|
 |
| |
|
Tags
aus, bonus checks, chapter 13, chapter 7, debt ratio, debt ratios, dpap, fannie mae, freddie mac, gap, hazard insurance, home loan, house payment, insurance policy, irs, loan application, loan approve, loan inspector, loan officer, loan processor, loan programs, loan terms, mortgage, mortgage application, mortgage bad credit, mortgage bankruptcy, mortgage insurance, mortgage loan, mortgage loans, mortgage payment, mortgage payments, paycheck, pmi, real estate, real estate agent, regular house loan, second mortgage, social security number, student loans, W-2Show all tags
|
: