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Manufactured
housing
A structure that has been partially or entirely constructed at another
location and moved onto the property (on a permanent foundation).
A manufactured home may or may not be a mobile home.
Manufacturer's
rebate
Money you'll get back from the manufacturer if you buy a specific
model and otherwise comply with the terms of the rebate program.
Margin
The number of percentage points the lender adds to the index rate
to determine the interest rate.
Market value
The likely selling price of a home between a willing buyer and a
willing seller on the open market. In a mortgage or a home equity
loan, the fair market value is usually determined by an appraisal.
Also called fair market value.
Maturity date
The day on which all outstanding principal, interest and fees must
be repaid.
Minimum payment
The minimum amount you must pay (usually monthly) on your account
to avoid a delinquency. Some loans may permit a minimum payment
of interest only. Other loans may require a minimum payment of principal
and interest. Many other variations of minimum payments exist.
Mobile home
A type of residence that's built upon a wheeled chassis that can
be transported from site to site.
Modular home
A factory-built home that's erected on-site, with the appearance
and characteristics of a site-built residence.
Monthly payment
The amount paid each month toward the principal and interest amount
of a loan. The monthly payment may or may not include taxes and
insurance.
Monroney sticker
price
The information contained on the sticker that's taped to the side
window of every new and used car offered by every dealer. It tells
you the base price of the car, the options that are already installed,
the freight charge, the MSRP and the fuel economy. Federal law requires
the label and it is illegal for anyone to remove it other than the
buyer.
Mortgage
A legal document giving a lender a lien on real estate to secure
repayment of a loan. Mortgage loans generally run from 10 to 30
years, after which the loan is required to be paid off. Also called
deed of trust and/or security deed.
Mortgage insurance
Insurance that protects the lender if you default on your loan.
This insurance usually costs from 0.15% to 2.5% of the loan amount.
If your down payment is less than 20%, most lenders will require
you to get mortgage insurance. Also called private mortgage insurance
(PMI).
Mortgage points
A point is equal to 1% of the principal amount of your loan. Mortgage
points are usually collected at closing. Also called points.
Mortgagee
The lender or other party named in the mortgage as the party who's
entitled to receive repayment of the home loan.
Mortgagor
The borrower, or other party named in the mortgage as the party
obligated to repay the home loan.
MSRP
An acronym for manufacturer's suggested retail price. The amount
for which the manufacturer would like to sell the car.
Multi-family
residence (two to four units)
A residential property with two to four individual housing units
(duplex, triplex, quadplex).
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