Main water shut-off valve |
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The primary valve that halts the flow of water from the water meter into a home. |
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Maintenance fee |
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The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas. |
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Managed-competition lots |
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Lots in which buyers choose between one of several builders. |
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Mansard roof |
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A roof with four sides that slope upward from the roof edge to the square peak. |
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Mantel |
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The facing of stone, marble or other material around a fireplace. |
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Manufactured housing |
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Prefabricated homes that can range from simple trailers to larger dwellings. |
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Margin |
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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. |
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Market conditions |
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Factors affecting the sale and purchase of homes at a particular point in time. |
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Market value |
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The price that a piece of property sells for at a particular point in time. |
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Masonry |
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The brick or stone work on a building. |
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Master-planned community |
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A suburban plan that includes homes and commercial, work, educational and community facilities. |
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Maximum financing |
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A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property. |
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Mechanic's lien |
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Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment. |
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Mechanical systems |
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A home's plumbing, wiring, heating and cooling systems. |
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Median price |
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The price of the house that falls in the middle of the total number of homes for sale in that area. |
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Mediation |
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A dispute-resolution process in which a neutral party works to resolve contract differences. |
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Merged credit report |
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A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp. |
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Metes and bounds |
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A time-honored land surveying method of describing land in terms of shape and boundary dimensions. |
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Mint condition |
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Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible. |
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Mixed-income housing |
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A neighborhood that contains houses of widely varying prices. |
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Mixed-use development |
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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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Modification |
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A change in any of the terms of the loan agreement. |
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Molding |
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Decorative trim elements applied to walls, ceilings, and window and door openings. |
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Money market account |
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Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions. |
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Money market funds |
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A mutual fund that pools the resources of individuals to invest in certain managed investments. |
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Mortgage |
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A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral. |
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Mortgage acceleration clause |
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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 |
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Mortgage banker |
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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 |
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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. |
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Mortgage insurance |
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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. |
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Mortgage life insurance |
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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 |
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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. |
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Mortgagee |
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A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor. |
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Mortgagor |
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The person who borrows money to purchase a house. The lender is called the mortgagee. |
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Motivated buyer |
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Any buyer with a strong incentive to make a purchase. |
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Motivated seller |
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Any seller with a strong incentive to make a deal. |
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Move-in condition |
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A house that is ready for a new occupant. |
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Move-up buyer |
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A buyer who has purchased a home before and is looking for a bigger or more expensive home. |
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Mullion |
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A vertical dividing bar between window lights or panels. |
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Multidwelling property |
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A property that contains individual units for several households but carries only one mortgage. |
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Multifamily mortgage |
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A mortgage on a multifamily dwelling with more than four families, typically an apartment building. |
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Multiple listing service (MLS) |
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The service combines the listings for all available homes in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database. |
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Multiple offers |
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Multiple purchase offers occur in hot markets or hot neighborhoods. |
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Municipal housing inspector |
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Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes. |
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