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Margin:
The set percentage the lender adds to the index rate to determine the current interest rate of an ARM.
Mortgage:
A legal document that pledges a property to the lender as security for payment of a debt, usually a loan on the house itself.
Mortgage banker:
A company that originates mortgages exclusively for resale in the secondary market.
Mortgage broker:
A company that for a fee matches borrowers with lenders.
Mortgage insurance:
See "Private Mortgage Insurance".
Mortgage insurance premium (MIP):
the fee paid by a borrower to FHA or a private insurer for mortgage insurance.
Mortgage note:
A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time; the agreement is secured by a mortgage.
Mortgagee:
The lender in a mortgage agreement.
Mortgagor:
The borrower in a mortgage agreement.
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