Glossary of Terms: M

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Manufactured Housing:
Pre-fabricated or factory built housing, including mobile homes.

Margin:
The amount that a lender adds to the index rate to determine the interest rate, expressed as a percentage.

Maturity:
The date on which an agreement expires and on which all payment on a loan is due.

Modular House:
A factory-assembled residence that’s erected on-site. Excludes mobile homes.

Monthly Payment:
The amount paid each month on a loan, usually including the PITI (principal, interest, taxes, and insurance)

Mortgage Insurance (MI):
Insurance that protects lenders against loss if the borrower defaults on the loan. This is paid by the borrower and usually required when the down payment is less than 20 percent. Also known as Private Mortgage Insurance (PMI)

Mortgage Insurance Premium (MIP):
The amount paid by a borrower for mortgage insurance either to FHA or a private mortgage insurance company.

Mortgagee:
The lender in a mortgage transaction.

Mortgagor:
The borrower or homeowner in a mortgage transaction obligated to repay the loan.

Multi-family residence:
A residential property with two to four housing units (duplex, triplex, quadplex.)

 

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