Glossary of Terms - M

To better understand some of the industry terms and technical language used during the process of borrowing money for real estate purchases, search our glossary index. You will be talking the talk with one of our mortgage professionals in no time! If you still have questions, contact us.

Market Value

The price at which a property will sell, assuming a knowledgeable buyer and seller, both operating without undue pressure.

Mortgage

A contract in which a borrower's property is pledged as security for a loan which is to be repaid on an installment basis.

Mortgage Note

A written promise to pay a debt at a stated interest rate during a specified term. The agreement is secured by a mortgage.

Mortgagee

The lender in a mortgage contract.

Mortgagor

The borrower in a mortgage contract.