1 Glossary

Margin: A percentage added to the index for an adjustable-rate mortgage (ARM) to establish the interest rate on each adjustment date. Market Value: The current value of your home based on what a purchaser would pay. An appraisal is sometimes used to determine market value. Maturity Date: The date on which a mortgage loan is scheduled to be paid in full, as stated in the note. Merged Credit Report: A credit report issued by a credit reporting company that combines information from two or three major credit bureaus. Modification: Any change to the terms of a mortgage loan, including changes to the interest rate, loan balance, or loan term.