Definition
Mortgage
The security instrument pledging property as collateral for a loan. Distinct from the promissory note, which is the debt itself.
Nearby terms
Margin
The fixed percentage added to an ARM's index to produce the fully indexed rate.
Mechanic’s Lien
A claim recorded by a contractor or supplier for unpaid work on a property.
Mortgage Insurance Premium
Insurance on FHA loans, charged both upfront and annually, and permanent on most current loans with less than 10% down.
Mortgage-Backed Security
An investment instrument composed of pooled mortgages.
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