James Balletta, Owner/Broker
(516) 921-5025
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C.R.B., G.R.I., C.R.S., President, Licensed Real Estate Broker |
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REAL ESTATE GLOSSARY
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M
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Manufactured Housing
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Margin
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Market Value
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Master Association
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Maturity
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Maximum Claim Amount
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Maximum Financing
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Merged Credit Report
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Modification
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Money Market Account
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Money Market Fund
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Monthly Fixed Installment
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Monthly Payment Mortgage
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Mortgage
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Mortgage Banker
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Mortgage Banking Companies
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Mortgage Broker
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Mortgage Insurance
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Mortgage Insurance Premium (MIP)
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Mortgage Life Insurance
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Mortgage-Related Closing Costs
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Mortgagee
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Mortgagor
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Multidwelling Units
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Multifamily Properties
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Multifamily Mortgage
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Manufactured Housing
Homes and dwellings that
are not built at the home site and are moved to the location are
considered manufactured housing. Manufactured housing units must
be built on a permanent chassis at a factory and then transported
to a permanent site and attached to a foundation. All manufactured
homes must be built to meet standards set forth by the U.S.
Department of Housing and Urban Development (HUD). The standards
focus on such aspects as design, strength, energy efficiency, and
fire resistance.
Manufactured housing represents one of the fastest-growing housing
markets in the United States. Nearly all of the mortgage products
are available for owners of manufactured housing. |
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| Margin
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. |
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| Market
Value
You can get a good feel
for the market value of a home by asking whether the listing agent
compiled a "comparative market analysis" (CMA). This written
report on the property examines comparable homes in the area that
have recently been sold, are currently on the market, or are
currently under contract.
The CMA will help you figure out whether the asking price is in
line with other comparable houses in the neighborhood.
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| Master
Association
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.
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| Maturity
The date on which the
principal balance of a loan, bond, or other financial instrument
becomes due and payable. |
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| Maximum
Claim Amount
Your maximum claim
amount is the lesser of two figures:
-- Your home's appraised value.
-- HUD 203(b) limit.
The HUD 203(b) limit is the maximum loan amount that FHA will
insure for residences in your geographical area. Check with your
lender to get the latest figures for your area. |
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Maximum Financing
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. |
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Merged Credit Report
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. |
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Modification
The act of
changing any of the terms of the mortgage. |
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Money Market Account
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. |
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Money Market Fund
A mutual fund
that allows individuals to participate in managed
investments in short-term debt securities, such as
certificates of deposit and Treasury bills. |
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Monthly Fixed Installment
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. |
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Monthly Payment Mortgage
A mortgage
that requires payments to reduce the debt once a month.
Your monthly mortgage payment is composed of four
components.
Principal refers to the part of the monthly payment that
reduces the remaining balance of the mortgage.
Interest is the fee charged for borrowing money.
Taxes and insurance refer to the amounts that are paid
into an escrow account each month for property taxes and
mortgage and hazard insurance.
All four of these elements are often referred to as PITI.
Your monthly mortgage payment due may be mailed to you
in a book of coupons each year, or in a separate coupon
every month.
Ask your lender if the automated underwriting system is
used, which may reduce costs associated with your
mortgage.
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Lex Realty - Long Island's Oldest Real Estate Office
Serving Syosset, Woodbury, Jericho, Bethpage, Plainview, Muttontown, Laurel Hollow, the Brookvilles, Oyster Bay, Oyster Bay Cove and all of the New York Area Real Estate Communities
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