Keller Williams of Central Pa East
530 Lockwillow Rd
Harrisburg, PA, 17112
Office Phone: 717-533-8000
Laurel’s Mobile: 717.608.3120
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Glossary of Terms - M

 

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
 

 

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%.

Market value
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.

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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