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M - Glossary - Don Wixom, Nampa, Caldwell, Boise, Eagle, Meridian
Real Estate Terms
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MThere are 50 entries in the glossary.Pages: 1 Managing riskThe steps taken by an investor or manager to control or reduce investment risk. Manufactured HousingHomes and dwellings that are not built at the home site and are moved to the location are considered manufactured housing. Manufactured housing units must be built on a permanent chassis at a factory and then transported to a permanent site and attached to a foundation. All manufactured homes must be built to meet standards set forth by the U.S. Department of Housing and Urban Development (HUD). The standards focus on such aspects as design, strength, energy efficiency, and fire resistance. Manufactured housing represents one of the fastest-growing housing markets in the United States. Nearly all of the mortgage products are available for owners of manufactured housing. MarginFor 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. Margin (also known as Spread)The number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment. Market approachThe process of comparing the subject property to equivalent properties sold recently to arrive at an estimate of value for a property being appraised. Market interest rateInterest rate currently demanded by lenders and investors. Market rentThe current rent that real estate would bring if available for rent. Market ValueYou can get a good feel for the market value of a home by asking whether the listing agent compiled a "comparative market analysis" (CMA). This written report on the property examines comparable homes in the area that have recently been sold, are currently on the market, or are currently under contract. The CMA will help you figure out whether the asking price is in line with other comparable houses in the neighborhood. Marketable titleA title that is free and clear of objectionable liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection. Master AssociationA 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. 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. MaturityThe date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable. Maximum Claim AmountYour maximum claim amount is the lesser of two figures: (1) Your home's appraised value; (2) HUD 203(b) limit. The HUD 203(b) limit is the maximum loan amount that FHA will insure for residences in your geographical area. Check with your lender to get the latest figures for your area. Maximum FinancingA 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. Meander lineThe approximate border of a natural body of water. MeanderedArea such as a lake on which taxes are not paid. Mechanic's lienA lien that can be filed by mechanics or material suppliers; it is against real property created by statute for the purpose of securing payments for services performed or materials furnished in the construction or repair of buildings or making other improvements to land. Merged Credit ReportA 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. MeridianMap lines running north and south to locate land under the governmental survey system. Metes and boundsA method of legal description using measurements, boundaries, and directions. Mixed-IncomeRefers to a resident mix that includes families with various income levels within one development. Mixed-income developments combine public housing families with other residents in order to decrease the economic and social isolation of these families. ModernizationProgram authorized by the Housing Act of 1937 for upgrading low-rent public housing projects. ModificationThe act of changing any of the terms of the mortgage. Money Market AccountA 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 FundA 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 InstallmentThat 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 costsThe total of a homeowner's mortgage loan pay-ment and expenses for utilities, general home repair, and upkeep. Monthly Payment MortgageA mortgage that requires payments to reduce the debt once a month. Your monthly mortgage payment is composed of four components. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged for borrowing money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance. All four of these elements are often referred to as PITI. Your monthly mortgage payment due may be mailed to you in a book of coupons each year, or in a separate coupon every month. Ask your lender if the automated underwriting system is used, which may reduce costs associated with your mortgage. MoratiumA period of time when a lender may waive interest and/or principal payment on a loan. MortgageA legal document that pledges a property to the lender as security for payment of a debt. Simply put, the mortgage is the legal document that gives the lender a legal claim against your house should you default on your loan payments. The mortgage indicates that a specific amount of money will be loaned at a specific interest rate so that you can buy your home. Another way of thinking of the mortgage is that you have possession of the property but the lender has ownership until you have repaid your loan. The items stated in the mortgage include the homeowner's responsibility to:All | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | Y | Z
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