MTA - MONTHLY TREASURY AVERAGE
The 12-MTA index is based on yields published in the release entitled the "Selected Interest Rates - G13" which is published by the Federal Reserve Board on the first Tuesday of each month index.

Margin
In ARMs, a margin, or spread, is the difference between the interest rate charged on the loan and the index. Generally, the margin remains fixed over the life of the loan.

Market Value
Also known as 'Fair Market Value.' The estimated value of a property which a seller could expect to receive under normal conditions.

Maturity
The term of a loan, or the number or years for which the loan funds are advanced.

Mortgage
A lien or claim against real property given by the buyer to the lender as security for money borrowed.

Mortgage Disability Insurance
A disability insurance policy which will pay the monthly mortgage payment in the event of a covered disability of an insured borrower for a specified period of time.

Mortgage Insurance
Often required when making a down payment less than 20%. It protects the lender against payment default by the homeowner. This insurance does not relieve the borrower of the obligation to repay the loan, nor should it be confused with various forms of life or disability insurance designed to pay off a mortgage in the event of the disability or death of the borrower.

Mortgage Insurance (MI)
Also known as 'Private Mortgage Insurance' (PMI). Insurance which protects mortgage lenders against loss in the event of default by the borrower.
Mortgagee
The lender in a mortgage transaction.
Mortgagor
The borrower in a mortgage transaction.

Multi-Family
A building with more than four residential units.