M

Margin: The amount added to the index on an adjustable rate mortgage to establish the adjusted interest rate.

Market Value: The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may differ from the price a property could actually be sold for at a given time.

Mixed-use Property: A property where there are different combinations of uses of the property.  An example would be a building that is used partly as commercial and retail and partly as residential. 

Mortgage: A lien filed against property voluntary to secure a debt.

Mortgage Banker: A non-depository financial institution that specializes in originating and servicing loans.

Mortgage Broker: Someone who is in the business of arranging financing for a borrower by placing loans with various lenders. Usually brokers can get better rates than individuals because the work on a volume basis with the lenders.

Mortgage Insurance: Money paid to insure the mortgage when the down payment is less than 20 percent. Also known as PMI

Mortgagee: The lender.

Mortgagor: The borrower.