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Frequently
Asked Questions
Glossary
of Real Estate Terms
Glossary for "M"
Main water shutoff valve
The primary valve that halts the flow of water from the water meter
into a home.
Mansard
roof
A roof with four sides that slope upward from the roof edge to the
square peak.
Manufactured
housing
Prefabricated homes that can range from simple trailers to larger
dwellings.
Mantel
The facing of stone, marble or other material around a fireplace.
Maintenance
fee
The monthly assessment members of a homeowners' association pay
for the repair and maintenance of common areas.
Managed-competition lots
Lots in which buyers choose between one of several builders.
Margin
The lender's "retail markup" on the mortgage. For example,
if the index rate for an adjustable-rate mortgage is 5 percent but
the lender has a 2.5 percentage-point margin, the rate the borrower
will pay is 7.5 percent.
Market
conditions
Factors affecting the sale and purchase of homes at a particular
point in time.
Market
value
The price that a piece of property sells for at a particular point
in time.
Masonry
The brick or stone work on a building.
Master-planned
community
A suburban plan that includes homes and commercial, work, educational
and community facilities.
Maximum
financing
A loan amount within 5 percent of the highest loan-to-value ratio
allowed for a property.
Mechanical
systems
A home's plumbing, wiring, heating and cooling systems.
Mechanic's
lien
Subcontractors or suppliers sometimes will file an encumbrance,
or mechanic's lien, against a property to seek payment.
Mediation
A dispute-resolution process in which a neutral party works to resolve
contract differences.
Median price
The price of the house that falls in the middle of the total number
of homes for sale in that area.
Merged
credit report
A report that draws information from the Big Three credit-reporting
companies: Equifax, Experian and TransUnion Corp.
Metes and bounds
A time-honored land surveying method of describing land in terms
of shape and boundary dimensions.
Mint
condition
Mint condition, or blue-ribbon condition, refers to a house that
looks as close to new as possible.
Mixed-income housing
A neighborhood that contains houses of widely varying prices.
Mixed-use
development
A project that combines several different functions, such as residential
space above a commercial establishment or an entire development
combining commercial, residential and public accommodations.
Modification
A change in any of the terms of the loan agreement.
Molding
Decorative trim elements applied to walls, ceilings, and window
and door openings.
Money
market account
Accounts that work like money market funds and allow individual
investors to participate in certain managed investments and withdraw
funds under most conditions.
Money market funds
A mutual fund that pools the resources of individuals to invest
in certain managed investments.
Mortgage
A legal document specifying a certain amount of money to purchase
a home at a certain interest rate, and using the property as collateral.
Mortgagee
A bank or other financial institution that lends money to the borrower.
The borrower is considered the mortgagor.
Mortgagor
The person who borrows money to purchase a house. The lender is
called the mortgagee.
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
banker
A company that provides home loans using its own money. The loans
are usually sold to investors such as insurance companies and Fannie
Mae.
Mortgage
broker
A company that matches lenders with prospective borrowers who meet
the lender's criteria. The mortgage broker does not make the loan,
but receives payment 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.
Mortgage life insurance
A special type of insurance that will pay off a mortgage if the
borrower dies before the debt is retired.
Motivated
buyer
Any buyer with a strong incentive to make a purchase.
Motivated seller
Any seller with a strong incentive to make a deal.
Move-in
condition
A house that is ready for a new occupant.
Move-up
buyer
A buyer who has purchased a home before and is looking for a bigger
or more expensive home.
Mullion
A vertical dividing bar between window lights or panels.
Multi-dwelling
property
A property that contains individual units for several households
but carries only one mortgage.
Multifamily
mortgage
A mortgage on a multifamily dwelling with more than four families,
typically an apartment building.
Multiple
listing service (MLS)
The service combines the listings for all available homes in an
area, except For-Sale-By-Owner (FSBO) properties, in one directory
or database.
Multiple
offers
Multiple purchase offers occur in hot markets or hot neighborhoods.
Municipal
housing inspector
Inspectors employed by cities or counties to check all construction
sites and verify that contractors are meeting building codes.
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