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Please select the first letter in the dictionary.
Market Rates - Rates of interest resulting from the demand for a supply of funds in the money market. Market Value - The price that a home will sell for on the market based on comparisons to similar homes that have sold recently in the same area. Marketable Title - A title that is free and clear of objectionable liens, clouds, or other title defects. A title that enables an owner to sell his/her property freely to others and that others will accept without objection. Maturity - The date on which a note, draft, acceptance, or bond becomes due and payable. Mechanics Lien - A lien on real estate, created by operation of law, that secures the payment of debts due to persons who perform labor or services or furnish materials incident to the construction of buildings and improvements on the real estate. Metes and Bounds - A land description in which boundaries are described by courses, directions, distances, and monuments. Monthly Assessment - A monthly fee paid to a Home Owner's Association, a Condominium Association, or any other firm that handles collection of the fees for the association. This covers the costs of maintaining common areas and often includes money escrowed for future maintenance costs so as to avoid future special assessments. Mortgage - A lien or claim against real property given by the buyer in the form of writing to the lender as security for money borrowed. Under government-insured or loan-guarantee provisions, the payments may include escrow amounts covering taxes, hazard insurance, water charges, and special assessments. Mortgages generally run from 10 to 30 years, during which the loan is to be paid off. Mortgage (Open-End) - A mortgage with a provision that permits borrowing additional money in the future without refinancing the loan or paying additional financing charges. Open-end provisions often limit such borrowing to no more than would raise the balance to the original loan figure. Mortgage Broker - An individual or company that arranges funding for a client, but which does not loan the money itself. Mortgage Commitment - A written notice from the bank or other lending institution saying it will advance mortgage funds in a specified amount to enable a buyer to purchase a house. Mortgagee Insurance - Money paid to insure the lender in case of default when the down payment is less than 20% of the purchase price. Mortgage insurance does not have anything to do with home owner's insurance or life insurance. See also "Private Mortgage Insurance" and "FHA Mortgage Insurance." Mortgage Note - A written agreement to repay a loan. The agreement is secured by a mortgage that serves as proof of an indebtedness and states the manner in which it shall be paid. The note states the actual amount of the debt that the mortgage secures and renders the mortgagor personally responsible for repayment. Mortgage Portfolio - The aggregate of mortgage loans held by an investor or serviced by a mortgage banker. Mortgagee - Also known as "beneficiary." The lender who provides the funds in a real estate transaction. Mortgagor - The borrower or home owner who pledges his/her home as security for a note. Multiple Listing Service (MLS) - The pooling in a central bureau of listings of properties for sale. These listings are held individually by members of a group of real estate brokers with the agreement that any member of the group may sell the properties and, in the case of a sale, the commission will be divided between the broker making the sale and the broker who filed the listing. Muniments of Title - Documents that prove an owner possesses his/her title to property.
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