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RE/MAX
Valley Real Estate
Phone: (330) 629 - 9200
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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.
- market value
- The most probable price a property would bring in an arm's length transaction under normal circumstances on the open market. The appraised value is an estimate of market value.
See also ►
- 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.
- maturity
- The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
- material fact
- Material Facts are anything that might change a buyer's decision to purchase or affect the offer price and terms. As a seller, if you have knowledge about a defect, it must be disclosed in Ohio's Residential Property Disclosure.
- 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.
- 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.
- millage tax
- See ► property tax.
- MLS
- See ► Multiple Listing Service.
- modification
- The act of changing any of the terms of the mortgage.
- money market
- The global financial market for short-term borrowing and lending. It provides short term liquid funding for the global financial system.
In the money markets, participants borrow and lend for short periods of time, typically up to thirteen months. Money market trades in short term financial instrument commonly called "paper". This contrasts with the capital market for longer-term funding, which is supplied by bonds and equity.
- 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.
- 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.
- 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.
- monthly payment mortgage
- A mortgage that requires payments to reduce the debt once a month.
- mortgage
- A legal document that pledges a real property to the lender as security for payment of a debt.
See also ►
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- "," , The Board of Governors, Federal Reserve System.
- "," , The Board of Governors, Federal Reserve System.
- mortgage loan
- A loan secured by real property through the use of a note which evidences the existence of the loan and the encumbrance of that real property through the granting of a mortgage which secures the loan. The word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
- mortgage-backed security (MBS)
- An asset-backed security whose cash flows are backed by the principal and interest payments of a set of mortgage loans. Payments are typically made monthly over the lifetime of the underlying loans.
- mortgage banker
- A company that originates mortgages exclusively for resale in the secondary mortgage market.
- mortgage broker
- 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. Mortgage brokers borrow money from financial institutions and sell mortgages, which they must then resell into the market for mortgage-backed securities.
- mortgage credit certificates (MCCs)
- Authorized by the 1984 Tax Reform Act, MCC's are designed to assist low- to moderate-income families and individuals buy their first home, when they might not otherwise be able to afford it. Under the program qualified participants receive a dollar-for -dollar tax credit for a portion of their yearly mortgage interest. The remaining portion can then be applied as a standard mortgage interest itemized deduction.
In Ohio an MCC may be obtained through the Ohio Housing Finance Agency (OHFA).
See also ►
- Real Estate Guide: Buyers/Taxes -
- Real estate Guide: Mortgages/State -
- mortgagee
- The lender in a mortgage loan.
- mortgage fraud
- A term used to describe a broad variety of actions where the intent is to materially misrepresent information on a mortgage loan application, in order to obtain the loan.
Mortgage fraud is not to be confused with predatory mortgage lending. Mortgage fraud is when one or more individuals defraud a financial institution; predatory lending is when a dishonest financial institution willfully misleads or deceives the consumer.
- See ► Press Release -
- mortgage insurance
- 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 (PMI).
- mortgage insurance premium (MIP) (MI) (PMI)
- 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.
- See ► private mortgage insurance (PMI).
- Mortgage Interest Deduction (MID)
- Under the current tax code, mortgage interest on first and second homes is generally deductible as long as these loans total less than $1.1 million, making homeownership one of the best ways to trim your tax bill.
- See ► Real Estate Guide: Buyers/Taxes -
- mortgage life insurance
- 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.
- mortgage rate
- See interest rate.
- mortgage servicing rights (MSRs)
- Although not well publicized, most homeowners send their monthly payments to what is called a mortgage servicer. A mortgage servicer collects and accounts for the payments on a loan and forwards those payments, minus a mortgage servicing fee, to the actual lender and owner of your promissory note. The right to collect these fees and pass them onto the actual lender are called Mortgage Servicing Rights or (MSRs).
- mortgagor
- The borrower in a mortgage loan.
- moving inventory
- A detailed list of your household goods created prior to a move.
- See ►
- multi-dwelling units (multi-family units)
- Properties that provide separate housing units for more than one family, although they are secured by a single mortgage. Most often, units of two, three, or four families will qualify for a residential mortgage. Units of five or more families fall into a commercial loan category with most lenders. Commercial loans will usually demand more in interest and down payment.
- multifamily mortgage
- A residential mortgage on a dwelling that is designed to house more than four families, such as a high-rise apartment complex.
- multiple listing service (MLS)
- A marketing organization composed of member brokers who agree to share their listing agreements with one another in the hope of procuring a ready, willing, and able buyer for their properties more quickly than they could on their own. Most multiple listing services accept only exclusive-right-to-sell listings or exclusive agency listings from their member brokers, although any broker can sell a property listed in the MLS.
- See ► Real Estate Guide: Buyers -
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