Real Estate Glossary – M
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Many of the terms used during real estate transactions may be new or unfamiliar. WashMetroHomes.com has provided the real estate dictionary to assist you with better understating the terms of buying and selling real estate and the terms contained in real estate contracts and/or forms.
In light of this, WashMetroHomes.com is providing this real estate dictionary with many terms common with buying and selling real estate. Each real estate transaction is unique and the terms are all different. If you are unclear about any specific area or meaning in a real estate contract, see the help of a real estate professional such as a Realtor, Mortgage Specialist, or a competent and qualified Attorney.
Great care and research was undertaken to provide accurate definitions and explanations for the real estate terms and words in our real estate dictionary. No one real estate dictionary can be 100% accurate in all jurisdictions. The definitions provided by WashMetroHomes.com in the real estate dictionary are for general purposes only and should not be used for legal purposes. Jennifer V-E Johnson and WashMetroHomes.com disclaim any responsibility for any liability, risk or loss that may be incurred or claimed incurred as a consequence of using this information.
WashMetroHomes.com hopes you benefit from using our real estate dictionary. margin master association maturity maximum financing merged credit report modification money market account money market fund monthly fixed installment monthly payment mortgage mortgage mortgage banker mortgage broker mortgagee mortgage insurance mortgage insurance premium (MIP) mortgage life insurance mortgagor multidwelling units multifamily mortgage multifamily properties
For an adjustable-rate mortgage (ARM), the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change.
A homeowners’ association in a large condominium or planned unit development (PUD) project that is made up of representatives from associations covering specific areas within the project. In effect, it is a “second-level” association that handles matters affecting the entire development, while the “first-level” associations handle matters affecting their particular portions of the project.
The date on which the principal balance of a loan, bond or other financial instrument becomes due and payable.
A mortgage amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product. Thus, maximum financing on a fixed-rate mortgage would be 90 percent or higher, because 95 percent is the maximum allowable LTV percentage for that product.
A credit report that contains information from three credit repositories. When the report is created, the information is compared for duplicate entries. Any duplicates are combined to provide a summary of a your credit.
The act of changing any of the terms of the mortgage.
A savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions apply to the withdrawal of funds from a money market account.
A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.
That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include any amount for principal reduction.
A mortgage that requires payments to reduce the debt once a month.
A legal document that pledges a property to the lender as security for payment of a debt.
A company that originates mortgages exclusively for resale in the secondary mortgage market.
An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services.
The lender in a mortgage agreement.
A contract that insures the lender against loss caused by a mortgagor’s default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover a percentage of or virtually all of the mortgage loan. See private mortgage insurance.
The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.
A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.
The borrower in a mortgage agreement.
Properties that provide separate housing units for more than one family, although they secure only a single mortgage.
A residential mortgage on a dwelling that is designed to house more than four families, such as a high-rise apartment complex.
Fannie Mae provides financing for multifamily (buildings with five or more units) rental properties through a nationwide network of mortgage lenders.
All information deemed reliable but not guaranteed. Limited consent to preprint or republish this report may be posted, reprinted, emailed or faxed as long as the copyright and credit reflect “Courtesy of Jennifer V-E Johnson and WashMetroHomes.com.”
Courtesy of Jennifer V-E Johnson, Reston Expert and www.WashMetroHomes.com
