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Glossary of
FinanciaI & Real Estate Terms

Index of Terms | Complete List of Terms

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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.

Medical Debt : Debt incurred due to health care costs and expenses.

Merged Credit Report : A credit report that reports data from two or more major credit agencies.

Minimum Credit Rating : The minimum credit rating a borrower must have in order to qualify for a specific loan.

Minimum Payment : The minimum amount a cardholder can pay to keep the account from going into default. Some card issuers will set a high minimum if they are uncertain of the cardholder's ability to pay. Most card issuers require a minimum payment of 2 percent of the outstanding balance.

Modification : Any change to the original terms of a mortgage, loan or other agreement.

Monthly Housing Expense : The total principal, interest, taxes and insurance paid by the borrower on a monthly basis. It is used with gross income to determine affordability.

Mortgage : A legal document that pledges property to a creditor for the repayment of the loan. It 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 mortgages, collects payments, inspects the property, and if necessary, forecloses on the propery. 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, thus earning a fee for placement.

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 homebuyer programs require mortgage insurance regardless of the loan-to-value.

Mortgage Loan : Generally refer to a loan secured by residential property, often for the purpose of acquiring the residence. Mortgage loans may be lower priced than other forms of borrowing because the value of the property reduces risk for the lender.

Mortgage Refinance : A refinanced mortgage is one in which a borrower pays off an old loan with a new loan. People who refinance a mortgage usually do so to get a lower interest rate, lower their payments or to take cash out of their equity.

Mortgagee : The lender in a mortgage agreement.

Mortgagor : The borrower in a mortgage agreement.

Multidwelling Units : Real property that provide separate housing units for more than one family, although only a single mortgage is secured on the property.

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Index of Terms | Complete List of Terms

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