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Dictionary
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Market Value
The price that a piece of property will likely sell for at a particular point in time, base on comparisons to similar properties in the same geographic area that have recently sold.
Mortgage
A loan to finance the purchase of a property, with specified payment periods and interest rates, using the property as collateral.
Mortgage Banker
A lending institution that provides home loans using its own fund; the loans are most often sold to investors such as insurance companies and Fannie Mae.
Mortgage Broker
A company who pairs lenders with potential borrowers, and arranges/negotiates mortgage contracts. The mortgage broker does not make the loan, but is paid by the lender for their services.
Mortgage Insurance
This type of insurance protects the mortgage lender from the possible loss incurred by a mortgage default. Borrowers with down payments equaling than 20 percent of the total mortgage amount are required by most lenders to required to have private mortgage insurance (PMI).
Mortgagee
The lender in a mortgage agreement.
Mortgagor
The borrower in a mortgage agreement.
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