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.
Minimum
Credit -
This field on the table refers to the minimum credit rating
a borrower must have in order to qualify for the listed
loan.
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.
Mortgagee
-
The lender in a mortgage agreement.
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 homebuyer programs
require mortgage insurance regardless of the loan-to-value.
Mortgagor
-
The borrower in a mortgage agreement.
Multidwelling
Units -
Properties that provide separate housing units for more
than one family, although only a single mortgage is secured.
