Glossary of Terms | O'Hagan Home Loans & Insurances, EBOP

Market Value

The price at which a seller is happy to sell and a buyer is willing to buy.

Mortgage

A legal document that pledges a property to the lender as security for payment of a debit.

Mortgage Broker

An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services. Usually paid by the Lender.

Mortgage Discharge Fee

A fee charged by some lending institutions when the mortgage is discharged.

Mortgagee

The lender (eg bank) in a mortgage agreement.

Mortgagor

The borrower in a mortgage agreement.

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Glossary

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