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Major
Partition - Division of a parcel of land into two or three lots plus a new
street in a calendar year. See also, minor partition. |
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Manufactured Home -
Single-family residential dwelling that is constructed and primarily assembled
on a permanent steel chassis in a factory, which is usually considerable
distance from the site where the dwelling will be used. Each home's chassis is
attached to wheels, allowing a semi truck to tow the home from place to place.
Federal law requires manufactured homes built after 1976 to meet certain
standards set forth by the U.S. Department of Housing and Urban Development.
Manufactured homes are originally titled through the Oregon Division of Motor
Vehicles, and are considered personal property unless the DMV title is removed
and they are placed on a permanent foundation. See also, modular home. |
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Margin - Percentage amount added to
an index to establish the interest rate or interest rate changes for an
adjustable rate loan.
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Market Value - Highest price
a willing buyer will pay—and a willing seller will accept—when a property
is fully exposed in the marketplace and all parties have full knowledge of the
property and the best use for which it can be adapted.
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Master Association - Homeowners association in a large condominium or planned unit development
that is made up of representatives from associations covering specific areas within the
development. In effect, it is a "second-level" association that handles matters affecting the entire development, while the "first-level" associations handle matters affecting their particular portions of the
development.
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Master Lease - Lease that
controls subsequent leases, or "sub leases." The master lease may
cover more property than an individual sub lease. For example, party A leases
a commercial property to party B, and party B continues to use the property,
but sub leases an office in the space to party C. The lease between parties A
and B is the "master lease."
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Maturity - Period of time
after which the principal balance of a loan, bond, or other financial instrument becomes due and payable.
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Mean High Water Mark -
Average height of high water over a period of 19 years for a stream, lake or
other waterway.
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Meander - Turn of a stream;
the winding of a stream channel in the shape of a series of loop-like bends.
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Meander Line - In land
surveying, an unmapped imaginary line running along the bank of a navigable
waterway (such as a river or lake) that crosses through surveyed corners of a
property, thus forming a property boundary. Property boundaries created by
meander lines can change as the body of water changes, as might happen with
flooding or the receding of water due to drought.
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Mechanical Permit
- See permit.
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Merged Credit Report - Credit report
containing information from more than one of the three main credit repositories. When the report is created,
information from each repository is compared for duplicate entries, and duplicates are combined.
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Meridian - Imaginary line used in surveying to establish
"range lines." Properties in both Oregon and Washington are referenced off the same
Meridian, which is at 122°44min.34sec. west longitude and referred to as the
Willamette Meridian. It was adopted in 1851 and runs north-south through
Tigard, Tualatin and Wilsonville. See also, rectangular survey system.
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MI - See mortgage
insurance. |
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Minor Partition
- Division of a parcel of land into two or three lots, without the creation of
a new street. See also, major partition. |
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MIP
- See mortgage insurance premium. |
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Modular Home - Home
built using a blend of standards and techniques for both manufactured homes
and site-built homes. A modular home is built in sections in a factory, but
the home is not attached to a permanent, mobile chassis. Modular sections may
be built in a variety of configurations, then transported to a construction
site where they're placed on a permanent foundation. They must meet minimum
HUD standards for construction of a dwelling, but typically are built to
more-stringent local building codes.
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Money Market Account - Savings account
providing depositors with the advantages of investing in a money market fund;
usually pays higher interest than a standard savings account, but rate
fluctuates. Account has restrictions that do not apply to standard accounts,
such as higher-than-usual minimum account balances and limitations on the
number of withdrawals.
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Money Market Fund - Mutual fund
allowing individuals to participate in managed investments in short-term debt securities, such as certificates of deposit and Treasury bills.
Relatively secure investment type with little risk to loss of principal, but
carries very small rate of return.
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Mortgage - (1) To pledge
real property as security for repayment of a debt. (2) Loosely, any paper
instrument memorializing a pledge to repay a debt where real property is used
as collateral.
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Mortgage Banker - Real
estate lender that makes loans and that brokers loans for other lenders;
usually sells most of its own loans on the secondary market, but contracts to
service the loans (collect payments and fees for the note holder). These
companies make a good deal of their income from loan origination fees and
servicing fees. They do not accept money from depositors.
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Mortgage Banking Company -
See mortgage banker.
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Mortgage Broker - Individual
or company who, for a fee, brings borrowers and lenders together for the
purpose of making loans. Mortgage brokers do not lend their own money. Brokers
of real estate loans typically charge borrowers about 1 percent as a loan
origination fee, and may receive additional compensation through bonuses or
incentives from lenders they use. Many brokers have access to funds from a
wide array of lenders, so they often are able to get borrowers better interest
rates and loan terms than a traditional bank.
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Mortgage Closing
Costs - See closing costs. |
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Mortgage Insurance - Contract
insuring a lender against loss from a borrower's default on a real estate
loan; may be underwritten by a private insurer or by a government agency such as the Federal Housing Administration
(FHA). The insurance may cover a percentage of
the loan amount or all of it, depending on the insurer. Also referred to as
"MI" or "PMI" (private mortgage insurance). Mortgage
insurance is required on FHA loans and many conventional loans with down
payments less than 20 percent of the property's value. The insurance can often
be removed when an owner's equity reaches a certain percentage, usually around
20 to 30 percent.
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Mortgage Insurance
Premium - Amount collected from a borrower to pay for mortgage insurance.
Premiums are added to loan principal and interest, and are collected as part
of a loan's regular installment payment. |
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Mortgage Life
Insurance - See credit life insurance. |
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Mortgagee -
Party to whom a promise (mortgage) is made to repay a loan secured by real
property; the lender. |
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Mortgagor -
Party making a promise to repay a loan, securing that promise with the real
property; the borrower. |
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Multifamily
Dwelling - Any residential building designed to be occupied by more than
one family at the same time (e.g., a duplex or an apartment building). |
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Multifamily
Mortgage - Real estate loan for a building designed to house more than four families, such as an
apartment complex. |
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Multiple Listing
Service - Association of real estate firms that share information about
properties for sale (listings) with other member firms. Those subscribing to
the service (includes brokers, principal brokers and real estate appraisers)
pay a fee for membership. In joining the service, member firms with property
listings agree to pay other member firms whose brokers sell properties listed
by the service. |
