mantel The facing
of stone, marble, or other material around a fireplace.
manufactured housing Prefabricated homes that can range from simple trailers to large
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 that a piece of property sells for at a particular point in
marketable title A
good or clear title that is free of defects.
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
mint condition Mint
condition, or blue-ribbon 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 that contains houses of widely varying
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
monolithic slab A
slab that is part of the footings.
monthly association dues A payment due monthly to a homeowners' association, to be used for
maintenance and communal expenses. Condominiums, townhouse complexes, and
planned unit developments (PUDs) may require monthly homeowners' association
material that provides the base for brick, stone, and other masonry
mortgage In casual
use, a sum of money borrowed to purchase a home at a certain interest rate using
the property as collateral. In formal use, a mortgage is the legal document that
pledges property as collateral for a loan.
mortgage acceleration clause A clause that allows a 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
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 A
company that matches lenders with prospective borrowers who meet the lender's
criteria. The mortgage broker does not 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 A special type of 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
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
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