The number of percentage points added to an index to calculate the interest rate on an ARM at each adjustment.

Marketable title
A title free and clear of liens, clouds or other defects that would prevent the sale of the property.

Market rate
The average rate charged by lenders for a loan.

Market value
The highest price that a buyer would pay for a property and the lowest price a seller would accept.

Monthly housing expense
Total monthly expense of principal, interest, taxes and insurance.

A document that creates a lien on a property as security for the payment of a debt.

Mortgage banker
A professional that originates mortgage loans, funding them with his own money.

Mortgage broker
A specialist that arranges financing for borrowers, but places loans with lenders rather than funding them with their own money.

The lender in a mortgage loan transaction.

MIP (Mortgage insurance premium)
Insurance purchased by borrower to insure against default on a FHA loans.

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

Mortgage note
A legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage.

The borrower in a mortgage loan transaction.