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Estate Glossary > M
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Glossary > M
Frequently used terms
Margin
Market
Value
Mechanic's Lien
MLS
Mortgage
Mortgage Acceleration
Clause
Mortgage Broker
Mortgage Insurance
Main girder
The main support running between foundation walls to carry the
weight of a floor.
Main water shut-off valve
The primary valve that halts the flow of water from the water
meter into the home.
Maintenance fee
The monthly assessment paid by homeowners' association members
for the repair and maintenance of common areas.
Managed-competition lots
Lots in which buyers choose between one of several builders.
Mansard roof
A roof with four sides that slope upward from the roof edge
to a square peak.
Mantel
The facing of stone, marble or other material around a fireplace.
Manufactured housing
Prefabricated homes that can range from simple trailers to large
dwellings.
Margin
A percentage added to the index and fixed for the life of
the loan. When the initial interest rate on an adjustable-rate
loan has expired, the interest rate moves toward the sum of
its index plus a margin.
Market conditions
Factors affecting the sale and purchase of homes at a particular
point in time.
Market value
The price a piece of property sells for at a particular point
in time.
Marketable title
A good or clear title that is free of defects.
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.
Mastic
Construction adhesive (usually applied with a caulking gun)
Material defect
Any defect in a specific property that could either affect a
buyer's decision to purchase it or affect the property's value,
such as a cracked foundation.
Material fact
Any information about a specific property that could affect
a buyer's decision to purchase it, such as an upcoming zoning
change in the neighborhood.
Maturity
The date on which the principal balance of a loan becomes
due and payable.
Maximum financing
A loan amount within 5 percent of the highest loan-to-value
ratio allowed for a property.
Mechanic's lien
A mechanic's lien is often filed by subcontractors or suppliers
seeking payment for work or services performed without receipt
of payment.
Mechanical systems
A home's plumbing, wiring, heating and cooling systems.
Median price
The price of the house that falls in the middle of the total
number of homes for sale in an area.
Mediation
A dispute resolution process where a neutral party works to
resolve contract differences.
Merged credit report
A report that draws information from the three (3) main credit-reporting
agencies incvluding: Equifax, Experian and Trans Union.
Meter
A device that measures electrical current or water flow to a
property.
Meter pan
A piece of equipment through which the service conductor runs.
Metes and bounds
A time-honored land surveying method of describing land in terms
of shape and boundary dimensions.
Mint condition
Mint condition refers to a house that looks as close to new
as possible.
Miter
The manner in which two boards that meet at right angles are
cut so that ends do not show. Miters are usually 45-degree cuts.
Mixed-income housing
A neighborhood containing homes 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.
MLS
MLS is an acronym for the Multiple Listing Service.
This service combines the listings for all available homes
in an area (except For Sale By Owner properties) in one directory
or database.
Modification
A change in the terms of a loan agreement.
Modified annual percentage rate (APR)
The modified APR is an index of loan cost based on the standard
APR and adjusted for the time the borrower expects to hold
the loan.
Molding
Decorative trim applied to walls, ceilings, window and door
openings.
Monolithic slab
A slab that is part of the footings.
Monthly association dues
A payment due monthly to a homeowners' association for maintenance
and communal expenses.
Mortar
Cement-based material that provides the base for brick, stone,
and other masonry materials.
Mortgage
A sum of money borrowed to purchase a home using the property
as collateral. A mortgage is the legal document that pledges
the property as collateral for a loan.
Mortgage
acceleration clause
A clause that allows a mortgage lender to demand repayment
of the entire loan balance in a lump sum under certain circumstances,
such as when the home is sold, title 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
An individual that matches lenders with prospective borrowers
who meet the criteria of lenders the broker is approved to
deal with.
Mortgage broker business
A company that matches lenders with prospective borrowers
who meet the criteria of lenders the broker is approved to
deal with. The mortgage broker business does not keep
or make the loan, but receives payment from the lender for
services.
Mortgage insurance
Required by lenders on some loans to protect lenders from a
possible default. Most conventional loans with down payments
or home equity percentages that are less than 20 percent of
the home value require private mortgage insurance (PMI).
Mortgage life insurance
Insurance that will pay off a mortgage if the borrower dies
before the debt is retired.
Mortgage-interest deduction
The tax write-off that the Internal Revenue Service allows most
owners to claim for annual interest payments made on real estate
loans.
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.
Mortise lockset
A doorknob and latch set designed to fit into a rectangular
pocket cut into the edge of a door.
Motivated buyer
A buyer with a strong incentive to make a purchase.
Motivated seller
A property owner with a strong incentive to sell.
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 panes or panels.
Multidwelling property
A property that contains individual units for several households
but carries only one mortgage.
Municipal housing inspector
Inspectors employed by cities or counties to check all construction
sites and verify that contractors are meeting local building
codes.
Muntin
A wooden division that separates panes of glass in a multi-paned
window or door.
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