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| Margin |
A constant number, set in the terms of the note, added to an rate index to compute the interest rate on an adjustable-rate mortgage. This fixed number is added to an index to determine the new interest rate when a new change period begins.
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| Market Value |
The highest price a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
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| Marketability |
The probability of selling property at a specific time, price and terms.
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| Mechanics Lien |
A lien created by state law for debts owed to a carpenter, contractor, plumber or other entity hired by the property's titleholder for services performed or materials provided to repair or improve the property.
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| Merged Credit Profile (MPR) |
A report combining credit information from as many as 3 different credit bureaus.
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| Mixed-Use Property |
A property in which a portion is used for commercial or retail purposes and the other portion is used for residential purposes. A property can also be considered mixed use if different combinations of uses are present such as commercial/industrial or residential/industrial. For example, a multi-unit dwelling with the front unit used as a commercial store and the back unit used as a dwelling.
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| Modification Agreement |
In the mortgage lending industry, a written directive to the title company to correct a typographical error on instructions to title.
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| Mortgage |
A written instrument that creates a lien upon real estate as collateral for the payment of a specified debt. The borrower retains possession and use of the property.
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| Mortage Banker |
A non-depository financial institution that specializes in originating and servicing loans. They generally sell their loans to investors, but may continue to service them.
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| Mortgage Broker |
A mortgage broker is one who arranges financing for a borrower by placing loans with lenders. Mortgage brokers are paid a fee by the borrower or the lender when the loan closes.
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| Mortgage Late |
More than 1 payment due at the same time the most recent payment is due.
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| Mortgagee |
The lender.
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| Mortgagor |
The borrower.
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| Multi-Family Financing |
Drew Mortgage offers many programs for Multi-Family Financing. This program allows you to purchase or refinance an income producing property, which will help you make your mortgage payments each month. Some borrowers usually will start out buying a multi-family home to live in and have the tenants pay for the mortgage. Eventually down the road, they will keep that home for rental purposes and purchase another home later on to live in. We offer low down payment loans for both owner occupied and investment loans.
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| My Community Mortgage |
This is a “new affordable home loan solution” that can be beneficial for the needs of first-time homebuyers, lower income households or people who don’t want to take money out of their bank accounts for their down payment or closing costs. This program will allow you to save money on your monthly payments, reduce mortgage insurance.
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