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Today's Mortgage Terms starting with M

Margin:

The percentage difference between the index for a specific loan and the interest rate charged. This is a number already set by the lender.

Market Value:

The price at which a given property or product is transacted between a willing, unhurried buyer and a seller who know all the pertinent facts about the property.

Mortgage Banker:

A financial institution who directly funds home loans, sells them to investors, arranges monthly payments and handles escrow. Some mortgage bankers sell their loans on the secondary market.

Mortgage Broker:

A broker arranges financing for borrowers with a variety of lenders. A mortgage broker does not make the loan, but receives payments for its services.

Mortgage Insurance:

It is insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. It is also known as PMI (Private Mortgage Insurance).

Mortgage Loan:

A loan for which a specific real estate property serves as collateral to provide for repayment in case of default.

Mortgage Refinance:

A refinanced mortgage is one in which a borrower pays down an old loan with a new loan. People who refinance a mortgage tend do so to get a lower interest rate, lowering their payments or to take cash out of their home equity.

Mortgagee:

The lender in a mortgage loan relationship. Property is used as collateral to make payment.

Mortgagor:

The borrower in a mortgage loan relationship. Property is used as collateral to make payment.

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Jasper mortgage quotes news:
Financial News
Reports of racial harassment spread - Bangor Daily News
Since Sen. Barack Obama won last week’s presidential election, there have been at least five incidents of alleged racial threats or confrontations in Maine that are being investigated by authorities. Whether or not criminal charges result from the ...

State makes millions available in flood aid - Globe Gazette
DES MOINES — A state program designed to help Iowa recover from disasters in recent months will set aside more than $4.7 million in housing aid and more than $720,000 in help for small businesses in Cerro Gordo County and surrounding areas, Iowa ...

M. R. from Canada writes: - Globe and Mail
///Characterizing the measure as an irresponsible tax cut for the wealthy, Finance Minister Jim Flaherty said he would make a provision squashing the proposal as part of forthcoming legislation related to last month's budget./// Strange, I think this ...

UPDATE: Assassination plot targeting Obama disrupted - Evansville Courier-Press
Daniel Gregory Cowart BELLS, Tenn. — In a rural Tennessee county where you can’t buy alcohol or even find a Wal-Mart, residents of tiny Bells stopped each other to ask if anyone knew the pale-skinned young local accused of plotting to kill dozens ...

Gays in limbo due to Proposition 8 - Lodi News-Sentinel
A lesbian couple from Lodi got married in August, but they're anxiously waiting to see if California law will allow them to remain legally married. Proposition 8, which would overthrow the California Supreme Court's ruling in May that legalized gay ...

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