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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. |
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. |
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. |
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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. |
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. |
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. |
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. |
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. |
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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. |
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. |
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. |
