MORTGAGE: A legal document that pledges a property to the lender as security for payment of a debt.
MORTGAGE BANKER: A company that originates mortgages exclusively for resale in the secondary market.
MORTGAGE BROKER: An individual or company that for a fee acts as intermediary between borrowers and lenders.
MORTGAGE INSURANCE: See PRIVATE MORTGAGE INSURANCE
MORTGAGE INSURANCE PREMIUM: The fee paid by a borrower to the FHA or a private insurer for mortgage insurance.
MORTGAGE MARGIN: The set percentage the lender adds to the index value to determine the interest rate of an ARM.
MORTGAGE NOTE: A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time: the mortgage note is secured by a mortgage.
MORTGAGEE INTEREST RATE: The rate of interest in effect for the monthly payment due.
MORTGAGEE: The lender in a mortgage agreement.
MORTGAGOR: The borrower in a mortgage agreement.