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Majority |
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The age at which a person may handle his or her own affairs.
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Margin Call |
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A call for the deposit of additional funds or collateral to offset trading losses on an outstanding position that is subject to margin. |
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Margin |
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The amount a lender adds to the index on an adjustable rate mortgage to establish the adjusted interest rate. |
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Market Approach To Value |
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In appraising, the market value estimate is predicated upon actual prices paid in market transactions. It is a process of correlation and analysis of similar recently sold properties. |
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Market Value |
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The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
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Marketable Title |
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- Title without defects or claims so as to be readily accepted without fair or reasonable doubt. Compare, INSURABLE TITLE.
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Maturity Date |
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The scheduled date for your final payment on a loan. After making the payment on a loan's maturity date, you assume complete ownership of your home from the lender. |
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MIP (Mortgage Insurance Premium) |
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An insurance from FHA to the lender against incurring a loss on account of the borrower's default. |
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Mortgage-Backed Securities |
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- Bond-type investment securities representing an undivided interest in a pool of mortgages or trust deeds. Income from the underlying mortgages is used to pay of the securities.
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- Mortgage
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A voluntary lien filed against property to secure a debt, usually a loan. It states that if you don't make your payments on the loan in a timely fashion, you may lose your rights to ownership of the home. To foreclose, the lender must often institute a court action and the borrower may have the right to reclaim the property after foreclosure. Compare, DEED OF TRUST. |
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Mortgagor |
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The borrower or homeowner |
