Real Estate Glossary
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| M.A.I.:
A Designation provided by the American Institute of Real Estate
Appraisers as "Member, Appraisal Institute." Margin: An amount, usually a percentage, which is added to the index to determine the interest rate for adjustable rate mortgages Market Price: The price the property brings in a given market. Market Value: The price that a willing buyer and a willing seller would agree upon. Marketable Title: Title which can be readily marketed to a reasonably prudent purchaser aware of the facts and their legal meaning concerning liens and encumbrances Maturity: The date on which the principal balance of a loan becomes due and payable. Mechanic's Lien: A lien created by statute for the purpose of securing priority of payment for the price of value of work performed and materials furnished in construction of repair of improvements to land, and which attached to the land as well as the improvements. Merged Credit Report: A credit report which reports the raw data pulled from two or more of the major credit repositories. MIP: The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. Modification: Any changes made to the terms of your mortgage without requiring you to refinance, as agreed by your lender. Moratorium: An involuntary, temporary suspension of the enforcement of liability for an obligation. Mortgage: A legal document that pledges a property to the lender as security for payment of a debt. Instead of mortgages, some states use First Trust Deeds. Mortgage Banker: One who originates mortgage loans, loans their own funds, and closes the loan in their name. Mortgage Broker: One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Mortgage Insurance Premium: The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company. Mortgage Life and Disability Insurance: A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Mortgagee: The lender in a mortgage agreement. Mortgagor: The borrower in a mortgage agreement. Mortgagor: One who borrows money on his property and gives a mortgage as security. Multidwelling: Units Properties that provide separate housing units for more than one family, although they secure only a single mortgage. |