| Real Estate Terminology, Wording |
Gladwin Real Estate Information
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.
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.