Glossary - M
Maturity
The date on which the main balance of a loan, bond, or other financial instrument becomes due and payable.
Modification
The act of changing any of the terms of the mortgage.
Money market fund
A mutual fund that allows persons to contribute in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.
Monthly payment mortgage
A mortgage that requires payments to reduce the debt once a month.
Mortgage
A legal document that pledges a property to the lender as security for payment of a debt.
Mortgage banker
A company that originates mortgages absolutely for resale in the secondary mortgage market.
Mortgagee
The lender in a mortgage agreement.
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