manufactured home
|
Manufactured homes, formerly called mobile homes, are built
in a factory. |
margin
|
For an adjustable-rate mortgage (ARM), the amount that is
added to the index to establish the interest rate on each
adjustment date, subject to any limitations on the interest rate
change. |
|
master association
|
A homeowners' association in a large master-planned
development that is made up of representatives from associations
covering specific areas within the project. In effect, it is a
"second-level" association that handles matters affecting the
entire development, while the "first-level" associations handle
matters affecting their particular portions of the project. |
master plan
|
A comprehensive plan to guide the long-term physical
development of a particular area. In Las Vegas some master plans
include Summerlin, Green Valley, Aliante, the Lakes, and Southern
Highlands. |
maturity
|
The date on which the principal balance of a loan, bond or
other financial instrument becomes due and payable. |
mechanic's lien
|
A statutory lien created in favor of contractors, laborers
and materialmen who have performed work or furnished materials in
the erection or repair of a building. |
Mello-Roos
|
In the U.S., a form of financing that can be used by cities,
counties and special districts (such as school districts) to
finance major improvements and services within the particular
district. In Las Vegas see LID and SID. |
merged credit report
|
A credit report that contains information from three credit
repositories. When the report is created, the information is
compared for duplicate entries. Any duplicates are combined to
provide a summary of a your credit. |
metes and bounds description
|
The boundary lines of land described by listing the compass
directions and distances of the boundaries. |
mid-rise
|
A building with four to eight stories above ground
level. |
mill
|
One mill is 1/10th of a cent ($.001). |
modification
|
The act of changing any of the terms of the mortgage. |
mortgage
|
A legal document that pledges a property to the lender as
security for payment of a debt. |
mortgage banker
|
A company that originates mortgages exclusively for resale in
the secondary mortgage market. |
mortgage broker
|
An individual or company that brings borrowers and lenders
together for the purpose of loan origination. Mortgage brokers
typically require a fee or a commission for their services. |
mortgage insurance
|
A contract that insures the lender against loss caused by a
mortgagor's default on a government mortgage or conventional
mortgage. Mortgage insurance can be issued by a private company
or by a government agency such as the Federal Housing
Administration (FHA). Depending on the type of mortgage
insurance, the insurance may cover a percentage of or virtually
all of the mortgage loan. See private mortgage insurance. |
mortgage insurance premium (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. |
mortgagee
|
The lender in a mortgage agreement. |
mortgagor
|
The borrower in a mortgage agreement. |
multi-dwelling unit
|
A property that provide separate housing units for more than
one family, although it secures only a single mortgage. |
multiple listing service (MLS)
|
A Multiple Listing Service (MLS) is a computerized listing of
all properties offered for sale by member brokers. |
