Market Value
The price at which a property will sell, assuming a knowledgeable buyer and seller, both operating without undue pressure.

Mortgage
A contract in which a borrower's property is pledged as security for a loan which is to be repaid on an installment basis.

Mortgage Note
A written promise to pay a debt at a stated interest rate during a specified term. The agreement is secured by a mortgage.

Mortgagee
The lender in a mortgage contract.

Mortgagor
The borrower in a mortgage contract.