Arizona Real Estate
Mortgage Professional

Fidel Manzano 10000 N 31st Ste. A103 Phoenix, AZ 85051 Profusion Real Estate Off.: 602.499.3143 Off.2: 602.795.8538 Cell: 602.499.3143 Fax: 602.795.8539

En Español
The Loan Process Tips and Tricks FAQs Glossary

Glossary

ABCDEFGHIJKLMNOPQRSTUVWXYZ
Margin
A fixed number added to the index to compute the rate on an adjustable rate mortgage.
Marketable Title
Title that is free of liens, clouds and other legal defects and hence is readily acceptable by a buyer.
Market Value
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
Mechanics Lien
The right of an unpaid contractor or subcontractor to file a lien against property to recover the amount due to him/her.
Mortgage
A written instrument that creates a lien upon real estate as security for the payment of a specified debt.
Mortgage Backed Security (MBS)
A bond or other financial obligation secured by a pool of mortgage loans.
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.
Mortgagee
The lender.
Mortgagor
The borrower.
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.