Foreclosures Glossary - Letter M

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main girder

The main support that runs between the foundation walls to carry the weight of the floor.

main water shut-off valve

The primary valve that shuts the water flow from the water meter to the home.

maintenance fee

A monthly fee that is paid by homeowners to a homeowners association for the repairs and maintenance to common areas.

managed-competition lots

Lots in which a buyer can choose between several builders.

mansard roof

A roof that has four sides and slopes upward from the roof edge to a square peak.

mantel

The decorative facing around a fireplace that is made of stone, marble or other material.

manufactured housing

Prefabricated homes such as trailers or pre-constructed homes.

MANUFACTURER'S REBATE

A money back plan made by a manufacturer when a buyer purchased a specific item and complies with the terms of a rebate program they offer.

margin

An amount added to the index for the entirety of a loan

market conditions

Factors that affect the sale or purchase of properties at a particular point in time.

market value

The price that a piece of property sells for at a particular point in time.

marketable title

A title that is clear and free of defects.

masonry

The brick or stone work on a building.

master-planned community

The plan for a suburban location that includes homes, commercial buildings, educational buildings and community facilities.

mastic

Construction adhesive.

material defect

Defects in a property that could affect the sale of the property or the property value.

material fact

Information about a property that may affect a buyer’s decision to purchase it.

maximum financing

A loan amount that is within 5-percent of the highest loan-to-value ratio allowed for a property.

mechanics lien

An encumbrance or mechanical lien that a subcontractor or supplier files against a property in order to seek payment.

mechanical systems

Plumbing, wiring, heating and cooling systems.

median price

The sale price of a property that falls in the middle of the total number of properties for sale in that area.

mediation

A dispute-resolution process where a neutral party works to resolve contract differences.

merged credit report

A report that includes credit information that is collected from the Big Three credit reporting companies: Equifax, Experian, and Trans Union Corp.

meter

A device that measures the electrical current or water flow to a property.

meter pan

A piece of equipment that the service conductor runs through.

metes and bounds

A time-honored land survey method that describes the land in terms of shape and boundary dimensions.

mint condition

A term used when a property looks like new.

miter

A miter cut is when two boards meet at right angles so that the ends do not show.

mixed-income housing

A neighborhood that contains houses within a wide price range.

mixed-use development

An area that contains properties for many different functions such as residential, commercial, public accommodations, etc..

MLS (multiple listing service)

A service that contains all the listings of properties for sale in an area, with the exception of properties that are for sale by owner.

modification

A change in the terms of a loan agreement.

modified annual percentage rate (APR)

An index of loan costs based on the standard APR and adjusted according to the time the borrower expects to hold the loan.

molding

A decorative trim that is applied to walls, ceilings, and window and door openings.

money market account

Accounts that allow individual investors to participate in managed investments and to withdraw funds under most conditions.

money market funds

A mutual fund where the resources from a number of individuals is pooled together to invest.

monolithic slab

A slab that is part of the footings.

monthly association dues

A monthly fee that is paid by homeowners to a homeowners association for the repairs and maintenance to common areas.

mortar

The cement-based material that provides a base for brick, stone and other masonry materials.

mortgage

1. the sum of money that is borrowed for the purchase of a property, which will be repaid at a specified interest rate and where the property is used as collateral.

2. a legal document that specifies the property as collateral for the loan.

mortgage acceleration clause

A clause within the mortgage contract which allows the lender to demand repayment in full, under certain circumstances.

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 connects lenders with prospective borrowers.

mortgage insurance

An insurance that lenders require as a protection on some loans; mostly on loans with down payments that are less than 20-percent of the property value.

mortgage life insurance

An insurance that will pay off a mortgage in the event that the borrower dies before the debt has been repaid.

mortgage-interest deduction

A tax write-off that the Internal Revenue Service allows most owners to claim on their annual interest payments to real estate loans.

mortgagee

A bank or financial institution that lends money to a borrower.

mortgagor

The person who borrows money to purchase property.

mortise lockset

A doorknob and latch set designed to fit into a rectangular pocket that is cut into the edge of a door.

motivated buyer

A buyer that has a strong incentive to make a purchase.

motivated seller

A seller that has a strong incentive to make a sale.

move-in condition

A property that is ready for a new occupant.

move-up buyer

A buyer who has previously purchased a home and is now looking for a bigger or more expensive property.

mullion

The vertical dividing bar set between windowpanes or panels.

multidwelling property

A property that contains several individual units but carries only one mortgage.

multifamily mortgage

A mortgage on a multifamily dwelling with more than four families.

multiple listing service (MLS)

A service that contains all the listings of properties for sale in an area, with the exception of properties that are for sale by owner.

multiple offers

A situation in which there is more than one offer to purchase a property at the same time.

municipal housing inspector

Inspectors that are employed by cities or counties to check the construction sites and to verify that the contractors are meeting all the building codes.

muntin

A wooden division that separates panes of glass in a multi-paned window or door.