Montrose, CO Office

Moab, UT Office

Margin - The number of percentage points added to an index to calculate the interest rate on an ARM at each adjustment.

Marketable Title - A title that is free and clear of liens, clouds, or other defects which would prevent the sale of the property.

Market Value - The value that a willing seller would accept and a willing buyer would offer given a reasonable time for the seller to market a property.

Monthly Housing Expense - Total monthly expense of principal, interest, taxes, and insurance.

Mortgagee - The lender in a mortgage loan transaction.

Mortgage - Document creating a lien on a property as security for the payment of a debt.

Mortgage Banker – An entity that originates and funds, then sells and services mortgage loans.

Mortgage Broker – A person or entity that arranges financing for borrowers, but places loans with lenders rather than funding them with broker’s own money.

Mortgage Insurance - Insurance purchased by a buyer to cover the lender's risk of loss. Mortgage Insurance is generally required by lenders when the down payment is less than 20 percent of the purchase price.

MIP (Mortgage Insurance Premium) - Insurance purchased by borrower to insure against default on government (FHA or VA) loans.