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Glossary of Mortgage and Home Equity Terms

To navigate through our glossary, click on the first letter of the word you’re looking for.
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Manufactured Home
Factory-built or prefabricated housing, including mobile homes.
The set percentage the lender adds to the index rate to determine the interest rate of an ARM.
Market Price
The price people agree to pay for something at a given moment at a given place.
Market Rate
Estimated average interest rate being charged by lenders for conventional loans.
Market Value
The most probable price that a ready, willing, and able buyer would pay and a willing seller would accept, assuming each is fully informed and under no pressure to act. The market value may be different from the price for which a property can actually be sold at a given time (market price).
Maturity Date
The termination or due date by which a loan’s final payment must be paid in full. For a balloon home equity line of credit, a fully amortized home equity loan (one that features full principal-and-interest payments to pay off the balance during the loan term), or a balloon home equity loan, the maturity date is the point at which outstanding balance becomes due in full.
Mobile Home
A factory-assembled residence consisting of one or more modules and a chassis and wheels that are an integral part of the structure and need not be removed in order to make the module(s) occupiable.
Modular House
A factory-assembled residence built in units or sections, transported to a permanent site, and erected on a foundation. Excludes mobile homes.
Monthly Payment
Usually, the amount of PITI (principal, interest, taxes, and insurance) paid each month on a mortgage loan.
The transfer of an interest in real property, given as security for the payment of a loan.
Mortgage Broker
A company that matches borrowers with lenders for a fee.
Mortgage Commitment
An agreement between lender and borrower detailing the terms of a mortgage loan such as interest rate, loan type, term, and amount.
Mortgage Insurance
See Private Mortgage Insurance.
Mortgage Insurance Premium (MIP)
The consideration a mortgagor (borrower) pays to either the FHA or a private insurer for mortgage insurance.
Mortgage Note
A written agreement to pay a sum of money at a stated interest rate during a specified term. The note contains a complete description of the conditions under which the loan is to be repaid and when it is due.
The lender on a mortgage transaction.
The borrower in a mortgage transaction. The mortgagor pledges property as security for the debt.
Mortgage Loan Originator
According to federal regulations, a Mortgage Loan Originator (MLO) is defined as anyone who takes a mortgage loan application and presents or negotiates the terms of a residential mortgage loan for compensation or gain.
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