Marginal tax rate:
That point in income at which any additional income will be taxed at a higher tax rate.

MLS:
See Multiple listing service.

Mortgage:
The document that pledges real property as collateral for an indebtedness.

Mortgage, balloon:
A mortgage amortized over a number of years, but requires the entire principal balance to be paid at a certain time, short of the full amortization period.Mortgage, constant:
The interest rate charged on a mortgage consisting of both the rate being charged by the lender and the rate that represents the amount of principal reduction each period.

Mortgage, deferred payment:
A mortgage allowing for payments to be made on a deferred or delayed basis. Usually used where present income is not sufficient to make the payments.

Mortgage, discounted:
The selling of a mortgage to another party at a discount or an amount less than the face value of the mortgage.

Mortgage, first:
A mortgage placed on a property in first position.

Mortgage, fixed:
This is a conventional mortgage, with payments of interest and principal. Fixed terms with a fixed rate can vary from six months to 10 years or more.

Mortgage, insurance:
This is insurance provided by the lender as an option for the borrower. It would pay out the balance outstanding on your mortgage, in the event of your death.

Mortgage, interest only:
Payments to interest only are made. There is no principal reduction in the payment.

Mortgage, points:
The interest rate charged by the lender.

Mortgage, second:
A mortgage placed on a property in second position to an already existing first mortgage.

Mortgage, variable:
This is a mortgage with an interest rate that fluctuates with the Bank of Canada interest rate. You just pay the interest, with optional pay-down on the principal. Different than a fixed-rate mortgage. See above.

Mortgage wraparound:
Sometimes called an all-inclusive mortgage. A mortgage that includes any existing mortgages on the property. The buyer makes one large payment on the wraparound and the seller continues making the existing mortgage payments out of that payment.

Mortgagee:
The lender.

Mortgagor:
The borrower.

Multiple listing service (MLS):
A service licensed to member real estate boards by CREA. Used to compile and disseminate information by publication and computer concerning a given property to a large number of agents and brokers.