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| Term |
|
Description |
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| MAI |
|
Designates a person who is a member of the American Institute of Real Estate Appraisers |
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| Marketable Title |
|
A title that is free and clear of objectionable liens or encumbrances. |
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| Market Price |
|
The price a property brings in a given market at a given time. (See also:
Fair Market Value) |
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| Market Value |
|
The price a buyer would pay and a seller would accept, both being fully informed and the
property being exposed for sale for a reasonable time period. |
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| Mechanic's Lien |
|
A lien created by statute for the purpose of securing priority of payment for the price or value of
work performed and materials furnished in construction or repair of improvements to land, and
which attaches to the land as well as the improvements. (See also:
Lien) |
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| Moratorium |
|
A legally authorized period of delay in the performance of a legal obligation or the payment of
a debt. |
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| Mortgage |
|
A promise to pay that is secured by real estate. It creates a lien against real estate until it is
paid. (See also: Lien) |
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| Mortgage, Adjustable Rate
(ARM) |
|
With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may
go up or down accordingly. |
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| Mortgage Broker |
|
A person who brings together a borrower and lender, and handles the necessary
applications for the borrower to obtain a loan against real property. |
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| Mortgage, Fixed Rate |
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With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. |
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| Mortgage Insurance Premium (MIP) |
|
Insurance required by a lender in case of default. Associated with FHA loans.
If you are buying FHA foreclosures, the government will require that you obtain mortgage insurance if they
are the lending agency. This protects the government if you were to default on the loan. Although it
varies, typically, mortgage insurance is approximately $200 per year. |
|
| Mortgage, Open-End |
|
One which provides that the outstanding balance can be increased in order to advance
additional loan funds to the borrower, up to the original sum of the note. |
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| Mortgagor |
|
A person who mortgages property. |
|
| Multiple Listing Service (MLS) |
|
A private database operated by realtors. It includes all homes nationwide that are represented
by a realtor. This is one of the primary reasons that realtors have an advantage over individual home
owners trying to sell their home on their own. |
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