REAL ESTATE TERMS

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There are currently 7 names in this directory beginning with the letter M.
MORTGAGE
The contract between a borrower and a lender; the borrower pledges the property as security to guarantee repayment of the mortgage debt.

MORTGAGE BANKER
A mortgage banker is generally assumed to originate and fund their own loans, which are then sold on the secondary market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae.

MORTGAGE INSURANCE
Government-backed or private-backed insurance protecting the lender against the borrower’s default on high-ratio (and other types of) mortgages.

MORTGAGE LIEN
A lien or charge on a mortgagor’s property that secures the underlying debt obligations.

MORTGAGE LIFE INSURANCE
Mortgage life insurance is a type of insurance product that pays off a mortgage if the borrower dies.

MORTGAGE- CONVENTIONAL
A first mortgage issued for up to 80% of the property’s appraised value or purchase price, whichever is lower.

MULTIPLE LISTING SERVICE (MLS)
A multiple listing service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. A MLS allows brokers to see one another's listings of properties for sale with the goal of connecting homebuyers to sellers.