Margin - A fixed number added to the index to compute the rate on an adjustable rate mortgage.
Mortgage - A written instrument that creates a lien upon real estate as security for the payment of a specified debt.
Mortgage Banker - Specializes in originating and servicing loans. They generally sell their loans to investors, but may continue to service them.
Mortgage Broker - Arranges financing for a borrower by placing loans with lenders. Mortgage brokers are paid a fee by the borrower or the lender when a loan closes.
Mortgage Insurance - See private mortgage insurance (PMI)
Mortgage Note - A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.
