Margin: The amount added to the interest rate index, ranging generally from 2 to 3 percentage points, to obtain the fully indexed interest rate on an adjustable rate mortgage.

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 exclusively for resale in the secondary market.

Mortgage Broker: An individual or company that for a fee acts as an intermediary between borrowers and lenders.

Non-conforming mortgage: A mortgage that does not meet the purchase requirements of the two Federal agencies, Fannie Mae and Freddie Mac, because it is too large or for other reasons such as poor credit or inadequate documentation.

Non-permanent resident alien: A non-citizen with a green card employed in the U.S. As distinct from a permanent resident alien, which lenders do not distinguish from U.S. citizens. Non-permanent resident aliens are subject to somewhat more restrictive qualification requirements than U.S. citizens.

Origination Fee: a fee charged by the lender for making a loan, represented as a percentage of the total loan. One point equals one percent of the loan amount.