Margin Most lenders
will offer adjustable-rate mortgages that state a margin which is added to
the index to get the rate upon which payments are based.
Market value: The highest price a property would command in a
competitive and open market under all conditions requisite to a fair sale.
Marketable title: A title free from encumbrances that could be
readily marketed to a willing purchaser.
Maturity date: The date when the total principal balance comes due.
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Mechanic's lien: A claim created for the purpose of securing priority
of payment of the price and value of work performed and materials furnished
in constructing, repairing or improving a building or other structure
Metes and bounds: The boundary lines of land described by listing the
compass directions and distances of the boundaries. Originally, metes
referred to distance and bounds referred to direction.
Mortgage: A legal document by which real property is pledged as
security for repayment of a loan until the debt is repaid in full.
> Learn more about
mortgages here. |
Mortgage Acceleration
Clause: A clause which allows a lender to demand that the entire balance
of the loan be repaid in a lump sum under certain circumstances. The
acceleration clause is usually triggered if the home is sold, title to the
property is changed, the loan is refinanced or the borrower defaults on a
scheduled payment.
Mortgage Broker: Company
or Individual that matches lenders with prospective borrowers who meet the
lender's criteria. The mortgage broker does not make the loan, but receives
payment (a percentage or "point") from the lender for services.
Mortgage Insurance: Required
by lenders in some loans to protect them from a possible default . All
conventional loans with less than a 20 percent down payments require private
mortgage insurance, or PMI.
Mortgage
Interest Deduction: The tax write-off that
the Internal Revenue Service allows most owners to claim for the annual
interest payments they make on their real estate loans.
Motivated (Buyer or Seller) - Someone
who is a "must" buy or sell situation - divorce, job transfer etc.
> Learn more about BUYING
A HOME.
Multiple Listing Service (MLS)
A networking system, frequently on computer, in which a number of
real estate firms share information about their clients' houses that are for
sale. Most Residential realtors belong to a local service.
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