Mortgage Insurance
Insurance required for a loan-to-value ratio above 80.01%.

Mortgage Life Insurance
A form of reducing term insurance recommended for all mortgagors. If you die, have a terminal illness, or suffer an accident, the insurance can pay the balance owing on the mortgage. The intent is to protect survivors from the loss of their homes.

Mortgage Note
The document outlining the amount of the debt, the terms and payments, the interest rate, margins and caps for ARMs, the name of the lender and the borrower, and any other material item required by the lender.

Mortgage Term
The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years.

Mortgage Warehousing
A funding facility, such as a commercial bank, that is used by mortgage companies to fund loans which are sold to an investor shortly thereafter. The mortgage notes are used as collateral for this interim financing.

Mortgagor
The borrower of money or the giver of the mortgage document.

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Multi Family Properties
Any collection of buildings that are designed and built to support the habitation of more than four families.

Multiple Listing Service
MLS. A means of making possible the orderly dissemination and correlations of listing information to its members so that REALTORS may better serve the buying and selling public.