Maturity

1. The date the principal of a bond must be repaid. 2. The date the swap for an interest rate swap stops accruing interest.

Money Market Account (MMA)

A type of savings deposit account intended for larger deposits, that offer competitive interest rates. Many MMA’s place a restriction on the number of transactions that can occur in this account throughout the year, as well as requiring a minimum balance.

Mortgage

A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower.