|A|B|C|D|E|F|G|H|I|J|K|L|M|N|O|P|Q|R|S|T|U|V|W|X|Z|
|M|
|
margin The specific amount of interest a lender adds to the index value to calculate the ARM interest rate at each adjustment period. Example: Index 1 Year Treasury Bill = 6.00% margin = 2.75%. The new rate would be 8.75%. mortgage A legal document that pledges a property to the lender as security for payment of a debt. This is no longer commonplace. A deed of trust is the instrument of choice. |
mortgage banker
A company (or person) that lends money to home buyers.
mortgage disability insurance
A disability insurance policy that will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.
mortgage insurance (MI)
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher.
