Margin
The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

Market Value
The most likely price a given property will bring if widely exposed on the market, assuming fully informed buyer and seller.

Marketable Title
Title that is free of liens, clouds on title and legal defects affecting the property

Mechanics Lien
A lien created by statute for the purpose of securing priority of payment for the price or value of work performed and materials furnished in construction or repair of improvements to land.

Mortgage
A lien or claim against real property given as security for a loan.

Mortgage Broker
A professional that helps consumers through the loan selection, processing and closing of a mortgage loan. Most mortgage brokers have access to a wide range of mortgage products through many mortgage lenders. Mortgage brokers are paid a fee by the borrower when a suitable mortgage is found and closed.

Mortgage
A lien or claim against real property given as security for a loan. It is a two party agreement as apposed to tri-party agreement of a deed of trust.

Mortgagee
The lender of money or the receiver of the mortgage document.

Mortgage Insurance
Insurance required for a loan-to-value ratio above 80.01%.

Mortgage Banker
Financial intermediaries that orginate mortgage loans through loan officers or independent mortgage brokers and sell the mortgages into the secondary mortgage market servicing retained or released.

Mortgage Note
The document outlining the amount of the debt, the terms and payments, the interest rate, margins and caps for ARMs, the name of the lender and the borrower, and any other material item required by the lender.

Mortgage Warehousing
A funding facility, such as a commercial bank, that is used by mortgage companies to fund loans which are sold to an investor shortly thereafter. The mortgage notes are used as collateral for this interim financing.

Mortgagor
The borrower of money or the giver of the mortgage document.