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Maintenance costs. The cost of the upkeep of the house. The costs may be minor in cost and nature (replacing washers in the faucets) or major in cost and nature (new heating system or a new roof) and can apply to either the interior or exterior of the house. Manufactured housing. A home built entirely in a factory and in compliance with the federal HUD code. Margin. The set percentage the lender adds to the index rate to determine the interest rate of an ARM. Market value. The price a property can realistically sell for, based upon comparable selling prices of other properties in the same geographical area. MID. Mortgage interest deduction on federal tax return. MIP. Mortgage insurance premium. MLS. Multiple listing service. Mortgage banker. A company that originates mortgages exclusively for resale in the secondary market. Mortgage insurance premium. (MIP). The fee paid by a borrower to FHA or a private insurer for mortgage insurance. Mortgage insurance. Required by lenders on some loans to protect lenders from a possible default. Mortgage interest. The interest rate charges for borrowing the money for the mortgage. It is used to calculate the interest payment on the mortgage each month. Mortgage term. The length of time that a mortgage is scheduled to exist. Example: a 30-year mortgage term is for 30 years. Mortgage note. A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time, the agreement is secured by a mortgage. Mortgage. A legal document that pledges a property to the lender as security for payment of a debt. Mortgagee. The lender. Mortgagor. The borrower. Multiple listing service. A service that combines agency listings of all available homes in an area into one directory or database. |
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[Home] [1. Contact a REALTOR] [2. Contact Loan Officer] [3. Find Your Home] [Do I Qualify?] [Reports] [Home Search] [REALTORS] [Lenders] [Calculators] [Glossary] [Contact Us] |
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A service of Jerry Johnson, RE/MAX Results. |
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Copyright© 2011 by JA Consulting, Inc. |
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