| Real Estate Terminology, Wording |
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| Gladwin Real Estate Information |
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| Majority
The age at which an individual is legally entitled to handle his or her own affairs Margin The amount added to the index on an adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a given time Market Value, or Fair Market Value The most likely price that a piece of property or home can realistically be sold for, and is dependent on the selling price of similar real estate in the area Marketable Title A clear, unencumbered title, reasonably acceptable without the threat of the risk of litigation Maturity The date on which the principal balance of a loan, bond, or other financial commitment is due and payable Mechanic's Lien A lien created by statute to allow unpaid contractors, laborers or suppliers who have performed work on or furnished materials for the construction of a building to recover the value of their work Merged Credit Report A credit report which reports the raw data pulled from two or more of the major credit repositories. Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report. Metes and Bounds Means for describing property by a set of directions and distances, when there isn't identification based on a surveyed lot number Minor An individual below the age at which he or she is legally entitled to handle his or her own affairs Modification Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t refinance. If any changes are made, it is called a modification. Monument of Survey Indications made on natural or man-made objects that indicate the boundaries of a survey Mortgage A legal document that pledges a property to the lender as security for the payment of a loan or debt Mortgage Broker An individual or company that acts as an agent between borrowers and lenders for the purpose of arranging and negotiating mortgage contracts; who is paid a fee for such service Mortgage Insurance A contract that guarantees the lender against loss caused by a mortgagor's default on a government or conventional mortgage; such insurance can be issued by a private company or by a government agency, and covers either only a percentage, or the total, of the mortgage loan Mortgagee The lender in a mortgage transaction 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. Mortgage Life and Disability Insurance A type of term life insurance often bought by borrowers. The amount of coverage decreases as the principal balance declines. Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage payment for a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometime forty-five days. Mortgagor The borrower in a mortgage transaction Multiple Listing Service (MLS) An organization of brokers who share their listing agreements with one another in order to find buyers for their properties more effectively than they could individually Multidwelling Units Properties that provide separate housing units for more than one family, although they secure only a single mortgage. |