| To navigate through our glossary, click on the first letter of the word you're looking for: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z |
| M |
| Margin |
| The amount a lender adds to the quoted index rate for an adjustable rate loan to determine the new interest rate. |
| Maturity |
| The "Due Date" of a loan. |
| Merged Credit Report |
| A credit report that reports data from two or more major credit repositories. |
| Modification |
| Any change to the original terms of a mortgage. |
| Monthly Housing Expense |
| Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability. |
| Mortgage |
| A legal document that pledges property to a creditor for the repayment of the loan, and is the term used to describe the loan itself. Some states use the term First Trust Deeds to refer to mortgage loans. |
| Mortgage Banker |
| A financial intermediary that originates or funds loans, collects payments, inspects the property, and forecloses if necessary. The main difference between a mortgage banker and a loan officer is a banker funds their own loans and sell them on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginny Mae. |
| Mortgage Broker |
| A mortgage company that originates loans, joining the borrower and lender for a real estate loan, earning a placement fee. |
| Mortgage Constant |
| The factor used for rapid computation of the annual payment needed to amortize a loan. |
| Mortgage Insurance |
| Insurance that covers the lender against losses incurred as a result of a default on a home loan. This is usually required on all loans that have a loan-to-value higher than eighty percent. Mortgages that have an 80% LTV that do not require mortgage insurance have higher interest rates. The lenders then pay the mortgage insurance themselves. In addition, FHA loans and some first-time home buyer programs require mortgage insurance regardless of the loan-to-value. |
| Mortgagee |
| The lender in a mortgage agreement. |
| Mortgagor |
| The borrower in a mortgage agreement. |
| Multi dwelling Units |
| Properties that provide separate housing units for more than one family, although only a single mortgage is secured. |
