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By FrontDoor.com | Published: 11/01/2007
Margin -- The amount a lender adds to the index on an ARM to establish the adjusted interest rate.
Market value -- The amount that a seller may expect to obtain in the open market.
Maturity -- The date at which a note or bond is due.
Mortgage -- A conveyance of or lien against property until it is paid or until other stipulated terms are met.
Mortgage banker -- An individual who originates mortgages for resale in the secondary mortgage market.
Mortgage broker -- An individual or company that offers loans to borrowers from numerous sources and is paid a commission for their services.
Mortgage insurance -- Money paid to insure the mortgage when the down payment is less than 20 percent.
Mortgage insurance premium (MIP) -- The 0.5 percent borrowers pay each month on FHA-insured mortgage loans. It is insurance from the FHA to the lender against incurring a loss on account of the borrower's default.
Mortgagee -- The lender; one who holds a mortgage.
Mortgagor -- The borrower or homeowner; one who mortgages.
