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Mortgage
Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
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M - manufactured home, market value, maximum loan
amount, mechanic’s lien…more
MANUFACTURED HOME - factory built or pre-fabricated housing including mobile
homes. Generally they must be a 'double-wide' on a permanent foundation for
most mortgage companies to consider funding. You must already own the dirt.
MARKET VALUE - the highest price that a buyer and the lowest price that a
seller would accept, neither one being compelled to buy or sell; also called
Fair Market Value.
MAXIMUM LOAN AMOUNT - highest loan dollar amount allowed under Federal or
conventional guidelines. In commercial real estate, the highest loan dollar
amount that a property can support based on projected income.
MECHANIC'S LIEN - a claim created by law to secure priority of payment for work
performed and materials provided by a vendor. Land may be attached as well as
building, equipment or other property.
METES AND BOUNDS - a description of a parcel of land in a deed in which the
boundaries are defined by directions and distances.
MINIMUM PROPERTY STANDARDS - regulations and guidelines used as underwriting
criteria that set forth acceptable property standards and specifications.
MOBILE HOME - a factory-assembled residence consisting of one or more modules
in which a chassis and wheels are an integral of the structure, and can be
readied for occupancy without removing the chassis and/or wheels. AAXA works
with several lender who offer
double wide mobile home financing . These lenders typically require at
least 15-20% down.
MODULAR HOME - a factory-assembled residence built in units or sections,
transported to a permanent site and erected on a foundation. Excludes mobile
homes.
MORTGAGE - a pledge of property, especially real property, security for a debt.
In many States this document is a Deed of Trust. The document may contain the
terms of repayment of the debt.
MORTGAGE BANKER - an individual, firm or organization that originates, sells
and/or services loans secured by mortgages on real property.
MORTGAGE BROKER - a firm or individual who, for a commission, matches borrowers
and lenders. AAXA
Discount Mortgage is a typically licensed as a mortgage broker in most
states (see
mortgage licensing section for more details).
MORTGAGE COMMITMENT - an agreement between lender and borrower detailing the
terms of a mortgage loan, such as interest rate, loan type, term and amount.
MORTGAGE INSURANCE (MI) - insurance which protects mortgage lenders against
loss in the event of default by the borrower. This allows lenders to make
conventional refinance loans at higher loan-to-value rations, and purchase
money loans with lower down payments. The Federal government offers MI through
HUD/FHA; private entities offer MI for conventional loans.
MORTGAGE INSURANCE CERTIFICATION - certificate issued by HUD/FHA as evidence
that a mortgage has been insured and that a contract of mortgage insurance
exists between HUD/FHA and the lender incorporating HUD/FHA regulations
identified in the certificate. There is a premium payment, paid by the borrower
for this.
MORTGAGE INSURANCE PREMIUM (MIP) - the amount paid by a mortgagor (borrower)
for mortgage insurance either to FHA or a private mortgage insurance company.
MORTGAGE NOTE - a written promise to pay a sum of money at a stated interest
rate, during a specific term. A mortgage note is secured by a mortgage.
MORTGAGEE - the lender in a mortgage transaction.
MORTGAGEE CLAUSE - a clause that may be attached to an insurance policy
stipulating that the lender will receive a portion of insurance proceeds
sufficient to satisfy the unpaid amount of a loan in the event of loss.
MORTGAGOR - the borrower in a mortgage transaction who pledges real property as
a security for a debt.
MULTIPLE LISTING SERVICE (MLS) - a service provided by the Board of Realtors
which provides access to real estate listings of properties for sale or lease.
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A
- adjustable rate mortgage, adjustment interval, amortization, annual
percentage rate (APR)…more
B – balloon mortgage, bankruptcy, basis point, beneficiary…more
C - caps, cash flow, cash out (second mortgage), cash out refinance…more
D - debt consolidation, debt service, debt reduction plan, debt-to-income
ratio…more
E - earned and unearned income, earnest money, easement, economic life…more
F - Fair Credit Reporting Act, fair market value, Fannie Mae…more
G - good faith estimate, grace period, gradual payment mortgage (GPM),
grantee…more
H - home equity, home improvement loan, Home Mortgage Disclosure Act
(HMDA)…more
I - index, in file credit report, inflation, initial interest rate, ingress and
egress…more
L - lender buy-down mortgage, liability insurance, LIBOR, loan application…more
N - negative amortized (Neg/AM), Neg AM Loans, negative cash flow, net
worth…more
O - obsolescence, off-site improvements, on-site improvements, ordinary
income…more
P – par, partial payment, partnership, party wall, payment shock…more
Q – quality control, quit claim deed, quote…more
R – rate shopper, real property, real estate loans, reconciliation…more
S – sales contract, satisfaction or mortgage, seasoned mortgage, second
mortgage…more
T – tax lien, tenancy in common, tenant, term, title, title insurance…more
U – underwriting, unencumbered property, uniform commercial code (UCC)…more
V – VA (Department of Veterans Affairs) Mortgage, vacancy rate, VA funding
fee…more
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