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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.
Market Price
The actual price paid in an actual transaction.
Market Value
The theoretical highest price a buyer would pay, and the lowest price a seller would accept.
Maturity
The date on which the principal balance of a loan,
bond, or other financial instrument becomes due and payable.
Mechanic's Lien
A lien given by law upon improvements and land,
as security for the payment of labor performed
and materials furnished for improvements.
Megan's Law
A federal law requiring states to develop programs to notify communities when convicted sex offenders are
released into their neighborhood.
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.
Modification
The act of changing any of the terms of a document such as a
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 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.
Mortgagee
The lender in a mortgage agreement.
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).
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 company.
Mortgage Life Insurance
A type of term life insurance often bought by mortgagors.
The amount of coverage decreases as the principal balance
declines.
In the event that the borrower dies while the policy is in force, the debt is
automatically satisfied by insurance proceeds.
Mortgagor
The borrower in a mortgage agreement.
Motivated Seller
One who urgently needs to dispose of property.
Multidwelling Units
Properties that provide separate housing units for more than one family, although
they secure only a single mortgage.
Multiple Listing
An arrangement among a group of real estate brokers
that agree in advance to provide information about their listings
to others and also agree that commissions on sales from these
listings will be shared.
Multiple Listing Service (MLS)
An association of real estate brokers that agree to share
listings with one another.
The listing broker and selling broker share in the commission.
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