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- Manufactured Homes:
Factory-built or prefabricated housing, including mobile homes.
- Margin:
In ARMs it is the difference between the index and the mortgage interest rate.
- Mortgage Banker:
An entity that originates mortgage loans with its own funds.
- Market Value:
The highest price that a buyer would pay and the lowest price a seller would accept
on a property.
- Metes and Bounds:
A description of a property in terms of distance, direction and landmarks.
- Mobile Home:
A factory-assembled residence consisting of one or more modules, in which a chassis
and wheels are an integral part of the structure, and can be readied for occupancy
without removing the chassis and/or wheels.
- 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 Housing Expense:
Total principal, interest, taxes, and insurance paid by the borrower on a monthly
basis.
- Mortgage:
A pledge of property, usually real property, as security for a debt.
- Mortgage Broker:
An entity who for a commission, matches borrowers and lenders.
- Mortgage Commitment:
An agreement between lender and borrower detailing the terms of a mortgage loan.
- Mortgage Insurance (MI):
Insurance which protects mortgage lenders against loss in the event of default
by the borrower.
- Mortgage Interest:
The amount of money the borrower pays the lender to compensate the latter for
the use of its money to purchase the home.
- Mortgage Life Insurance:
A type of term life insurance bought by the lender.
- Mortgage Note:
A written promise to pay a sum of money at a stated interest rate during a specified
term.
- Mortgagee:
The lender.
- Mortgagee Clause:
A clause that is attached to an insurance policy stipulating that the lender will
receive a portion of insurance proceeds sufficient to satisfy the unpaid amount
of a loan in the event of a loss.
- Mortgagor:
The borrower.
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Equal Housing Lender. Casa Blanca Mortgage, Inc., DBA Shearsons Mortgage. Some products may not be available in all states. ©2005 Shearsons Mortgage. All rights reserved.
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