Glossary

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 adjustable mortgage interest rate at each adjustment period.
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mortgage
A legal document that pledges a property to the lender as security for payment of a debt
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mortgage disability insurance
Disability insurance that will pay the monthly mortgage payment in the event of a covered disability.
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mortgage insurance (MI)
Insurance written by an independent insurance company protecting the lender against loss incurred by a borrower's default.
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mortgagee
The person or company who receives the mortgage loan as a pledge for repayment of the loan.
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mortgagor
The borrower who gives the mortgage as a pledge to repay to the loan.
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