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Maintenance |
| Activities required to compensate for wear and tear on a property. |
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Maintenance Fee |
| The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas. |
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Management Fee |
| The fee charged for professional property management. Usually set at a fixed percentage of total rental income generated by the managed property. |
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Mansion Tax |
| A tax charged by some state or local governments at the time of transfer of real estate title from one owner to another particularly for high valued properties. |
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Margin |
| The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period. |
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Market Value |
| The price that a piece of property sells for at a particular point in time. |
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Master Association |
| A homeowners' association, sometimes formed in a large condominium project or planned unit development (PUD), that is made up of representatives from associations covering specific areas within the project. |
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Maturity |
| The date on which the principal balance of a financial instrument becomes due and payable. |
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Merged Credit Report |
| A credit report that contains information from at least three credit repositories. Any duplicate entries are combined to provide a concise summary of outstanding liabilities and credit history. |
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Military Classification |
| Military Classification refers to whether the veteran served and qualifies for VA home loan benefits as Active Duty, Reserve Service or National Guard Member. |
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Money Market Account |
| A type of savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions may apply to the withdrawal of funds. |
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Money Market Fund |
| A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and United States Treasury bills. |
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Monthly Payment |
| The amount you pay each month to pay back a loan. In the case of a fixed rate or balloon loan, the monthly payment will not change during the term of the loan. For an adjustable rate mortgage, the monthly payment will change periodically according to the loan terms. If you choose an equity line of credit, the monthly payment is calculated based on the balance due. The monthly payment required to pay back an equity loan is calculated in accordance with the program you selected. |
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Mortgage |
| The legal document used by a borrower to pledge their property as security in order to obtain a loan. In some areas of the country, the mortgage is called a "deed of trust". |
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Mortgage Banker |
| A company that originates mortgages for resale in the secondary mortgage market. |
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Mortgage Insurance |
| Insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The borrower usually pays the cost of the insurance and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as private mortgage insurance. |
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Mortgage Insurance Premium (MIP) |
| Amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company. |
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Mortgage Life Insurance |
| A type of term life insurance often bought by mortgagors. In the event that the borrower dies while the policy is in force, the debt is automatically repaid by insurance proceeds. Not to be confused with mortgage insurance. |
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Mortgage Registration Fee |
| A fee or tax charged by some state and local governments when a mortgage is obtained. |
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Mortgage Tax |
| A tax charged by some state or local governments that is paid when a mortgage is obtained. |
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Mortgagee |
| The person or company who provides the loan funds to the borrower. |
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Mortgagor |
| The person who receives funds from a lender in exchange for a security interest in the property. Commonly known as the borrower. |
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Multifamily Mortgage |
| A residential mortgage on a dwelling that is designed to house more than four families, such as an apartment complex. |
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Multiple Listing Service or Multiple Listing System (MLS) |
| An online database featuring the real estate listings in a specific region. |
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