Margin: The percentage amount added to an index to calculate the interest rate of an adjustable rate mortgage at each adjustment.

Marketable Title: A title that is free and clear of liens, clouds, or other defects which would prevent the sale of the property.

Market Value: The value that a willing seller would accept and a willing buyer would offer given a reasonable time for the seller to market a property.

Maturity: The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable. At the maturity of a 30-year loan the principal balance will be paid in full.

Maximum Rate: The highest percentage rate that can ever be reached during the life of the loan.

MIP (Mortgage Insurance Premium): Insurance purchased by borrower to insure against default on government (FHA or VA) loans.

Minimum Payment: The minimum amount that must be paid monthly on an account. On the HELOC product, the minimum payment is interest only during the draw period. On the Fixed Rate Second products, the minimum payment is principal and interest.

Modification: The act of changing any of the terms of the mortgage.

Money Market Account: A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply to the withdrawal of funds from a money market account.

Money Market Fund: A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.

Monthly Debt: A borrower's monthly expenses including credit cards, installment loans, student loan payments, alimony and child support and housing payment expense.

Monthly Mortgage Insurance (MI) Payment: Portion of monthly payment that covers the cost of Private Mortgage Insurance.

Monthly Principal and Interest (PI) payment: Portion of monthly payment that covers the principal and interest due on the loan.

Monthly Taxes and Insurance (TI) payment: Portion of monthly payment that funds the escrow or impound account for taxes and insurance.

Mortgagee: The lender in a mortgage loan transaction

Mortgage: Document creating a lien on a property as security for the payment of a debt. In some states, a Deed of Trust is used instead.

Mortgage Banker: A lender that originates and funds, then sells and services mortgage loans.

Mortgage Broker: A person or entity that arranges financing for borrowers, but places loans with lenders rather than funding them with the broker’s own money.

Mortgage Insurance: Insurance purchased by a buyer to cover the lender’s risk of loss. Mortgage Insurance is generally required by lenders when the down payment is less than 20% of the purchase price.

Mortgage Loan : A loan for which real estate serves as collateral to provide for repayment in case of default. Mortgage Note - Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage.

Mortgagor: The borrower in a mortgage loan transaction.