MACRS
Modified Accelerated Cost Recovery System.
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Maintenance
Activities required to compensate for wear and tear on a property.
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Management fee
The fee charged for professional property management. Usually set at a fixed percentage of total rental income generated by the managed property.
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Mansion Tax
A tax charged by some state or local governments at the time of transfer of real estate title from one owner to another particularly for high valued properties. For our comparison purposes, this fee is considered to be a tax or other unavoidable fee.
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Margin
The number of percentage points a lender adds to the index value to calculate the ARM interest rate at each adjustment period.
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Master Association
A homeowners' association sometimes formed in a large condominium project or planned unit development (PUD) that is made up of representatives from associations covering specific areas within the project.
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Maturity
The date on which the principal balance of a financial instrument becomes due and payable.
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Maximum Financing
Usually, a loan amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product.
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Merged Credit Report
A credit report that contains information from at least three credit repositories. Any duplicate entries are combined to provide a concise summary of a your credit.
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Monetary Policy
Actions by the Federal Reserve System to influence the cost and availability of credit, with the goals of promoting economic growth, full employment, price stability and balanced trade with other countries.
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Money Market Account
A type of savings account that provides bank depositors with many of the advantages of a money market fund. Certain regulatory restrictions may apply to the withdrawal of funds.
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Money Market Fund
A mutual fund that allows individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and United States Treasury bills.
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Mortgages
Mortgage refers to a loan to finance the purchase of a property, real estate, home, etc. The loan so given specifies a certain time period and interest rate within which the borrower of the loan needs to repay the entire loan amount periodically. In case of a mortgage, the borrower is called the mortgagor and the lender is called the mortgagee. In a mortgage loan the borrower gives the lender a lien on the property as collateral for the loan amount.
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Mortgage Banker
A company that originates mortgages for resale in the secondary mortgage market.
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Mortgage Bonds
Mortgage Bonds refer to bonds collateralized by real estate. Two kinds of mortgage bonds include - senior mortgages, which have a first claim on assets and earnings, and junior mortgages that have a subordinate lien. They can also be defined as bonds issued by corporations, which offer first mortgages on real property of the corporation as security for the payment of the bonds. A mortgage bond may have a closed-end provision that prevents the firm from issuing additional bonds of the same priority against the same collateral or may be an open-end mortgage that allows the issuance of additional bonds with equivalent status with the original issue.
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Mortgage Insurance
Insurance provided by a private company to protect the mortgage lender against losses that might be incurred if a loan defaults. The borrower usually pays the cost of the insurance and is most often required if the loan amount is more than 80% of the home's value. Sometimes referred to as private mortgage insurance.
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Mortgage Loan
Mortgage Loan refers to an amount borrowed to purchase a real estate, which needs to be repaid on specific payment periods with a certain interest rate. A lien on the property as collateral for the loan is given by the borrower, which expires after the borrowed amount is paid in full.
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Mortgage Insurance Premium (MIP)
Amount paid by a borrower for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI) company
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Mortgage Life Insurance
A type of term life insurance often bought by mortgagors. In the event that the borrower dies while the policy is in force, the debt is automatically repaid by insurance proceeds. Not to be confused with mortgage insurance.
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Mortgage Registration Fee
A fee or tax charged by some state and local governments when a mortgage is obtained. For our comparison purposes, the mortgage registration fee is considered to be a tax and other unavoidable fee.
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Mortgage Tax
A tax charged by some state or local governments that is paid to the state when a mortgage is obtained. For our comparison purposes, the mortgage tax is considered to be a tax and other unavoidable fee.
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Mortgagee
The person or company who provides the loan funds to the borrower.
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Mortgagor
The person who receives funds from a lender in exchange for a security interest in the property. Commonly known as the borrower.
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Multifamily Mortgage
A residential mortgage on a dwelling that is designed to house more than four families, such as an apartment complex.
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