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M - Definitions - Mortgage Dictionary
Look up any mortgage term or condition and immediately know
the definition of that mortgage program or word.
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Margin
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A representative margin would be 2.75%.
Mortgage
A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage disability insurance
A disability insurance policy, which 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.
Mortgagee
The person or company who receives the mortgage as a pledge for repayment of the loan. The mortgage lender.
Mortgagor
The mortgage borrower who gives the mortgage as a pledge to repay.
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