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Word |
Definition |
| Margin |
The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate |
| Market Value |
The highest price that a willing buyer would pay and a willing seller accept, both being fully informed, and the property exposed for a reasonable period of time. The market value may be different from the price a property can actually be sold for at a given time. |
| Mechanics Lien |
A lien created by statute for the purpose of securing priority of payment for the price of value of work performed and materials furnished in construction or repair of improvements to land, and which attaches to the land as well as the improvements. |
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