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REAL ESTATE GLOSSARY
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MAJOR DEFICIENCY
A deficiency that strongly impacts the usability and habitability of a house. Or a deficiency that may be very expensive to repair.
MANUFACTURED HOUSING
Once known as ''mobile homes,'' manufactured housing is any building which has been constructed off site, then moved onto a piece of real property.
MARGIN
The amount a lender adds to the quoted index rate for an adjustable rate loan to determine the new interest rate.
MARGINAL LAND
Land whose value has been diminished due to some internal defect or external condition. In most cases, the cost to correct the flaw or condition is as much or more than the expected return from the property.
MARKETABLE TITLE
Title that is free of liens, clouds and other legal defects and hence is readily acceptable by a buyer.
MARKET VALUE
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
MASTER ASSOCIATION
An umbrella organization that is made up of multiple, smaller home owner's associations. Often found in very large developments or condominium projects.
MATURITY
The date on which the principal balance of a financial instrument becomes due and payable.
MAXIMUM FINANCING
A mortgage amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product. Thus, maximum financing on a fixed-rate mortgage would be 90 percent or higher, because 95 percent is the maximum allowable LTV percentage for that product.
MECHANICS LIEN
The right of an unpaid contractor or subcontractor to file a lien against property to recover the amount due to him/her.
MERGED CREDIT REPORT
A credit report derived from data obtained from multiple credit agencies.
METES AND BOUNDS
A traditional way of describing property, generally expressed in terms of distance from a known landmark or intersection, and then following the boundaries of the property back to its origin.
METROPOLITAN AREA
The accumulated land in and around a city or other municipality which falls under the political and economic influence of that entity.
MINERAL RIGHTS
The legal right to exploit and enjoy the benefits of any minerals located below the surface of a parcel of land.
MINIMUM CREDIT
This field on the table refers to the minimum credit rating a borrower must have in order to qualify for the listed loan.
MISREPRESENTATION
A statement by one party in a transaction that is incorrect or misleading. Most misrepresentations are deemed to be intentional and thus may constitute fraud. Others, however, some are rendered through simple mistakes, oversights or negligence.
MODIFICATION
Any change to the original terms of a mortgage.
MONEY MARKET ACCOUNT
A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply to the withdrawal of funds from a money market account.
MONEY MARKET FUND
A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.
MONTHLY FIXED INSTALLMENT
That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction.
MONTHLY HOUSING EXPENSE
Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability.
MONTHLY PAYMENT MORTGAGE
A mortgage that requires payments to reduce the debt once a month.
MORTGAGE
A financial arrangement wherein an individual borrows money to purchase real property and secures the loan with the property as collateral.
MORTGAGE BACKED SECURITY (MBS)
A bond or other financial obligation secured by a pool of mortgage loans.
MORTGAGE BANKER
A financial institution that provides primary and secondary mortgages to home buyers.
MORTGAGE BROKER
A person or organization that serves as a middleman to facilitate the mortgage process. Brokers often represent multiple mortgage bankers and offer the most appropriate deal to each buyer.
MORTGAGE INSURANCE
A policy that fulfills that obligations of a mortgage when the policy holder defaults or is no longer able to make payments.
MORTGAGE INSURANCE PREMIUM (MIP)
An fee that is often included in mortgage payments that pays for mortgage insurance coverage.
MORTGAGE LIFE INSURANCE
A policy that fulfills the obligations of a mortgage when the policy holder dies.
MORTGAGE NOTE
A written agreement to repay a loan. The agreement is secured by a mortgage, serves as proof of an indebtedness, and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment.
MORTGAGEE
The entity that lends money in a real estate transaction.
MORTGAGOR
The entity that borrows money in a real estate transaction.
MULTIDWELLING UNITS
Properties that provide separate housing units for more than one family, although they secure only a single mortgage.
MULTIFAMILY MORTGAGE
A residential mortgage on a dwelling that is designed to house more than four families, such as a high-rise apartment complex.
MULTI-FAMILY PROPERTIES
Any collection of buildings that are designed and built to support the habitation of more than four families.
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Home mortgages subject to credit review and approval