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main girder
The main support running between foundation walls
to carry the weight of a floor. |
main water shut-off valve
The primary valve that halts the
flow of water from the water meter into the home. |
maintenance fee
The monthly assessment paid by homeowners' association
members for the repair and maintenance of common areas. |
managed-competition lots
Lots in which buyers choose between
one of several builders. |
mansard roof
A roof with four sides that slope upward from
the roof edge to a square peak. |
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mantel
The facing of stone, marble, or other material
around a fireplace. |
manufactured housing
Prefabricated homes that can range
from simple trailers to large dwellings. |
margin
A percentage added to the index and fixed for
the life of the loan. When the initial interest rate
on an adjustable-rate loan has expired, the interest
rate moves toward the sum of its index plus a margin. |
market conditions
Factors affecting the sale and
purchase of homes at a particular point in time. |
market value
The price that a piece of property sells for at
a particular point in time. |
marketable title
A good or clear title that is free of defects. |
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masonry
The brick or stone work on a building. |
master-planned community
A suburban plan that includes homes
and commercial, work, educational, and community facilities. |
mastic
Construction adhesive, usually applied with a
caulking gun. |
material defect
Any defect in a specific property that could either
affect a buyer's decision to purchase it or affect
the property's value, such as a cracked foundation. |
material fact
Any information about a specific property that
could affect a buyer's decision to purchase it, such
as an upcoming zoning change in the neighborhood. |
maximum financing
A loan amount within 5 percent
of the highest loan-to-value ratio allowed for a property. |
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mechanic's lien
Subcontractors or suppliers sometimes
will file an encumbrance, or mechanic's lien, against
a property to seek payment. |
mechanical systems
A home's plumbing, wiring, heating,
and cooling systems. |
median price
The price of the house that falls in the middle
of the total number of homes for sale in an area. |
mediation
A dispute-resolution process in which a neutral
party works to resolve contract differences. |
merged credit report
A report that draws information
from the Big Three credit-reporting companies: Equifax,
Experian, and Trans Union Corp. |
meter
A device that measures electrical current or water
flow to a property. |
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meter pan
A piece of equipment through which the service
conductor runs. |
metes and bounds
A time-honored land surveying method of describing
land in terms of shape and boundary dimensions. |
mint condition
Mint condition, or blue-ribbon condition, refers
to a house that looks as close to new as possible. |
miter
The manner in which two boards that meet at right
angles are cut so that ends do not show. Miters are
usually 45-degree cuts. |
mixed-income housing
A neighborhood that contains houses
of widely varying prices. |
mixed-use development
A project that combines several
different functions, such as residential space above
a commercial establishment or an entire development
combining commercial, residential, and public accommodations. |
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MLS (multiple listing service)
The service combines the listings
for all available homes in an area, except For Sale
By Owner (FSBO) properties, in one directory or database. |
modification
A change in the terms of a loan agreement. |
modified annual percentage
rate (APR)
The modified APR is an index of
loan cost based on the standard APR and adjusted for
the time the borrower expects to hold the loan. |
molding
Decorative trim applied to walls, ceilings, and
window and door openings. |
money market account
Accounts that work like money market
funds and allow individual investors to participate
in managed investments and withdraw funds under most
conditions. |
money market funds
A mutual fund that pools the resources
of individuals to invest in certain managed investments. |
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monolithic slab
A slab that is part of the footings. |
monthly association dues
A payment due monthly to a homeowners'
association, to be used for maintenance and communal
expenses. Condominiums, townhouse complexes, and planned
unit developments (PUDs) may require monthly homeowners'
association dues. |
mortar
Cement-based material that provides the base for
brick, stone, and other masonry materials. |
mortgage
In casual use, a sum of money borrowed to purchase
a home at a certain interest rate using the property
as collateral. In formal use, a mortgage is the legal
document that pledges property as collateral for a
loan. |
mortgage acceleration clause
A clause that allows a lender to
demand repayment of the entire loan balance in a lump
sum under certain circumstances, such as when the
home is sold, title is changed, the loan is refinanced,
or the borrower defaults on a scheduled payment. |
mortgage banker
A company that provides home loans using its own
money. The loans are usually sold to investors such
as insurance companies and Fannie Mae. |
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mortgage broker
A company that matches lenders
with prospective borrowers who meet the lender's criteria.
The mortgage broker does not make the loan, but receives
payment from the lender for services. |
mortgage insurance
Required by lenders on some loans
to protect lenders from a possible default. Most conventional
loans with down payments or home equity percentages
that are less than 20 percent of the home value require
private mortgage insurance (PMI). |
mortgage life insurance
A special type of insurance that
will pay off a mortgage if the borrower dies before
the debt is retired. |
mortgage-interest deduction
The tax write-off that the Internal
Revenue Service allows most owners to claim for annual
interest payments made on real estate loans. |
mortgagee
A bank or other financial institution that lends
money to the borrower. The borrower is considered
the mortgagor. |
mortgagor
The person who borrows money to purchase a house.
The lender is called the mortgagee. |
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mortise lockset
A doorknob and latch set designed
to fit into a rectangular pocket cut into the edge
of a door. |
motivated buyer
A buyer with a strong incentive to make a purchase. |
motivated seller
A seller with a strong incentive to make a deal. |
move-in condition
A house that is ready for a new
occupant. |
move-up buyer
A buyer who has purchased a home before and is
looking for a bigger or more expensive home. |
mullion
A vertical dividing bar between windowpanes or
panels. |
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multidwelling property
A property that contains individual
units for several households but carries only one
mortgage. |
multifamily mortgage
A mortgage on a multifamily dwelling
(typically an apartment building) with more than four
families. |
multiple listing service (MLS)
A service that combines listings
of all available homes in an area into one directory
or database, with the exception of For Sale By Owner
(FSBO) properties. |
multiple offers
More than one purchase offer made on a property.
Multiple offers commonly occur in seller's markets
or hot neighborhoods. |
municipal housing inspector
Inspectors employed by cities or
counties to check all construction sites and verify
that contractors are meeting building codes. |
muntin
A wooden division that separates panes of glass
in a multi-paned window or door. |
