Mortgage Glossary – M

Market Value – The value a homeowner should receive based on comparative sales.

Mortgage – A conditional pledge of property to a creditor as security for a repayment of a debt on a property.

Mortgage Broker – A person who works in the interest of their client to facilitate a loan between the borrower and lender. Mortgage brokers in Canada often work at no charge to their clients.

Mortgage Insurance – An insurance policy that covers the outstanding mortgage amount. Mortgage Insurance payout generally decreases as the mortgage is repayed.

Mortgage Life Insurance – A policy that pays off an entire mortgage should the borrower become deceased.

Mortgage Rate – The interest rate on a mortgage.

Mortgage Renewal – The right of a lender to renew the terms and conditions of a mortgage.

Mortgagee – The lender in a mortgage.

Mortgagor – The borrower in a mortgage.