Mortgage and Real Estate Terms Sorted Alphabetically:
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. ForTheBestRate.com 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 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.
Mortgage Glossary - Mortgage and Real Estate Terms Sorted Alphabetically:
Mortgage
Glossary
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
M
- manufactured home, market value, maximum loan amount,
mechanic's liens - 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)ï -more
V
- VA (Department of Veterans Affairs) Mortgage, vacancy
rate, VA funding fee - more
