| Term | Definition |
|---|---|
| margin |
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. A representative margin would be 2.75%. |
| mortgage |
A legal document that pledges a property to the lender as security for payment of a debt |
| mortgage disability insurance |
A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time. |
| mortgage insurance (MI) |
Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default. Usually required for loans with an LTV of 80.01% or higher. |
| mortgagee |
The person or company who receives the mortgage as a pledge for repayment of the loan. The mortgage lender. |
| mortgagor |
The mortgage borrower who gives the mortgage as a pledge to repay. |
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Florida 32503
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Florida 32566
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Florida 32541
