Main water shut-off valve The primary valve
that halts the flow of water from the water meter into a
home.
Mansard roof A roof with four sides that
slope upward from the roof edge to the square peak.
Manufactured housing Prefabricated homes
that can range from simple trailers to larger dwellings.
Mantel The facing of stone, marble or other
material around a fireplace.
Maintenance fee The monthly assessment
members of a homeowners' association pay for the repair
and maintenance of common areas.
Managed-competition lots Lots in which
buyers choose between one of several builders.
Margin The lender's "retail markup" on the
mortgage. For example, if the index rate for an
adjustable-rate mortgage is 5 percent but the lender has
a 2.5 percentage-point margin, the rate the borrower
will pay is 7.5 percent.
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.
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.
Maximum financing A loan amount within 5
percent of the highest loan-to-value ratio allowed for a
property.
Mechanical systems A home's plumbing,
wiring, heating and cooling systems.
Mechanic's lien Subcontractors or suppliers
sometimes will file an encumbrance, or mechanic's lien,
against a property to seek payment.
Mediation A dispute-resolution process in
which a neutral party works to resolve contract
differences.
Median price The price of the house that
falls in the middle of the total number of homes for
sale in that area.
Merged credit report A report that draws
information from the Big Three credit-reporting
companies: Equifax, Experian and TransUnion Corp.
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.
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.
Modification A change in any of the terms
of the loan agreement.
Molding Decorative trim elements 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 certain 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.
Mortgage A legal document specifying a
certain amount of money to purchase a home at a certain
interest rate, and using the property as collateral.
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.
Mortgage acceleration clause A clause which
allows a lender to demand that the entire balance of the
loan be repaid in a lump sum under certain
circumstances. The acceleration clause is usually
triggered if the home is sold, title to the property 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 in
some loans to protect them from a possible default . All
conventional loans with less than a 20 percent down
payments require private mortgage insurance, or PMI.
Mortgage-interest deduction The tax
write-off that the Internal Revenue Service allows most
owners to claim for the annual interest payments they
make on their real estate loans.
Mortgage life insurance A special type of
insurance that will pay off a mortgage if the borrower
dies before the debt is retired.
Motivated buyer Any buyer with a strong
incentive to make a purchase.
Motivated seller Any 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
window lights 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 with more than four families,
typically an apartment building.
Multiple listing service (MLS) The service
combines the listings for all available homes in an
area, except For-Sale-By-Owner (FSBO) properties, in one
directory or database.
Multiple offers Multiple purchase offers
occur in hot 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.
