The Following are real estate terms and topics: Starting With the Letter (M)
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Are you confused and overwhelmed by the extensive terms and words used in real estate? Every person working in real estate or planning to buy or sell real estate can benefit from learning some of the terms….
Real Estate Terms M
Malice
The intention to do wrong without excuse or justification.
Margin
The amount that is added to the index to establish the interest rate on each adjustment date.
Master association
A homeowners’ association in a large condominium or planned unit development (PUD) project that is made up of representatives from associations covering specific areas within the project.
Maturity
The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
Maximum financing
When the borrower makes the smallest acceptable payment amounts to the loan originator. Subsequently, these types of loans are subject to maximum financing in terms of interest rates and length of loan terms.
Merged credit report
A credit report which reports the raw data pulled from two or more of the major credit repositories.
Money market account
A money market account is a deposit account with a relatively high rate of interest, and short notice (or no notice) required for withdrawals.
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.
Monthly payment mortgage
A mortgage that requires payments to reduce the debt once a month.
Mortgage
A mortgage is the pledging of a property to a lender as a security for a mortgage loan. While a mortgage in itself is not a debt, it is evidence of a debt.
Mortgage banker
An individual, firm or corporation that originates, sells and/or services loans secured by mortgages on real property.
Mortgage broker
A firm or individual who, for a commission, matches borrowers and lenders. A mortgage broker does not retain servicing, does not use its own funds and is not a principal.
Mortgagee
The proprietor of a mortgage; a person who lends the money to another where the loan is secured by taking a mortgage over the borrower’s property.
Mortgage insurance
Insurance designed to cover the lender should the borrower default on the loan. Depending on the mortgage, this may be required by the lender.
Mortgage insurance premium (MIP)
The mortgage insurance required on FHA loans for the life of said loans; MIP can either be paid in cash at closing or financed in its entirety in the loan. The premium varies depending on the method of payment.
Mortgage life insurance
This insurance guarantees that if you die your mortgage will be paid in full. This insurance can be conveniently purchased through your lender and the premium added to your mortgage payments.
Mortgage Reduction Cerfificate
The document issued from the lender that shows the amount owed on a mortgage loan. This is issued in some areas when the buyer takes over the seller’s mortgage loan.
Mortgagor
A mortgage is the pledging of a property to a lender as a security for a mortgage loan.
Multi dwelling 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.
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