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Mortgagor
The borrower. |
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Mortgagee
The lender. |
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Mortgage Reduction Programs
Type of accelerated payment program whereby payments are made frequently bi-weekly or weekly rather than the usual monthly payment. When a borrower makes more frequent and accelerated payments, the amount of principal is reduced more quickly, which interest accumulation is based on. There can be savings on the total interest paid. |
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Mortgage Note
Written promise to pay a money amount at a fixed interest rate throughout a specified period of time. The mortgage note includes a complete description of the conditions under which the loan is to be repaid and when it is due. |
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Mortgage Insurance
Type of insurance which is charged by most lenders to counteract the risk of your loan when your down payment is less than 20% of the home value.
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Mortgage Broker
Institution that matches borrowers with Mortgage Bankers for a fee. |
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Mortgage Banker
Institution which originates and funds, and services mortgages exclusively for resale in the secondary market. |
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Mortgage
Transference of an interest in real estate given as guarantee for the payment of a loan.
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Monthly Payment
Typically, the amount of PITI (principal, interest, taxes, and insurance) paid each month on a mortgage loan.
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Maturity
Due date or termination on which the last payment on a loan must be paid in full. |
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Market Value
The highest price a willing buyer would pay and a willing seller will accept being equally informed under no pressure to act. This value might differ from the price a property can be sold for at a given time (called market price). |
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Margin
A lender adds this amount to the index on an ARM to establish the adjusted interest rate. |
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