Glossary

MANUFACTURED HOUSING: Manufactured housing is any building which has been constructed off site, then moved onto a piece of real property, at one time known as ''mobile homes”.

MARGIN: This is the difference between the interest rate and the index on an adjustable rate mortgage.

MARGINAL LAND: This is where land value has been diminished due to some internal defect or external condition. In most cases, the cost to correct the flaw or condition is as much or more than the expected return from the property.

MASTER ASSOCIATION: Often found in very large developments or condominium projects, this is an umbrella organization that is made up of multiple, smaller home owner's associations.

MATURITY: This is the actual date on which the principal balance of a financial instrument becomes due and payable.

MERGED CREDIT REPOR:   This is credit report which has derived from data obtained from multiple credit agencies.

METES AND BOUNDS: A traditional way of measuring and describing property, generally expressed in terms of distance from a known landmark or intersection, and then following the boundaries of the property back to its origin.

METROPOLITAN AREA: The total of accumulated land in and around a city or other municipality which falls under the political and economic influence of that entity.

MINERAL RIGHTS: This is the legal right to exploit and enjoy the benefits of any minerals located below the surface of a parcel of land.

MISREPRESENTATION: A statement by a party in a transaction that is incorrect or misleading. Most misrepresentations are deemed to be intentional and thus may constitute fraud and are punished by the governing laws. Others, however, some are rendered through simple mistakes, oversights or negligence.

MORTGAGE: This is a written financial arrangement and document wherein an individual borrows money to purchase real property and secures the loan with the property as collateral.

MORTGAGE BANKER: This is a financial institution that provides primary and secondary mortgages to home buyers.

MORTGAGE BROKER:   This is a person or organization that serves as a middleman to facilitate the mortgage process. Brokers often represent multiple mortgage bankers and offer the best deal to each buyer.

MORTGAGEE: The entity, person or financial institution that lends money in a real estate transaction.

MORTGAGE INSURANCE: This is a type of policy that fulfills obligations of a mortgage when the policy holder defaults or is no longer able to make payments.

MORTGAGE INSURANCE PREMIUM (MIP): This is a fee that is often included in mortgage payments that pays for mortgage insurance coverage.

MORTGAGE LIFE INSURANCE: A policy that fulfills the obligations of a mortgage upon the death of the policy holder.

MORTGAGOR: This is the entity that borrows money in a real estate transaction.

MULTI-FAMILY PROPERTIES: These are any collection of buildings that are designed and built to support the habitation of more than four families.