LISTING INFO 

Mortgage Insurance (MI) Insurance that protects lenders against losses caused by a borrower’s default on a mortgage loan. MI typically is required if the borrower’s down payment is less than 20 percent of the purchase price.  Real estate words and definition For other words and definitions...

Mortgage Broker An individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typically takes loan applications and may process loans. A mortgage broker also may close the loan.  Real estate words and definition For other words and...

Mortgage A loan using your home as collateral. In some states the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your...

Money Market Account A type of investment in which funds are invested in short-term securities.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail: 411@myersjackson.com...

Modification Any change to the terms of a mortgage loan, including changes to the interest rate, loan balance, or loan term.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Merged Credit Report A credit report issued by a credit reporting company that combines information from two or three major credit bureaus.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Maturity Date The date on which a mortgage loan is scheduled to be paid in full, as stated in the note.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet InTouchEmail:...

Market Value The current value of your home based on what a purchaser would pay. An appraisal is sometimes used to determine market value.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale...

Margin A percentage added to the index for an adjustable-rate mortgage (ARM) to establish the interest rate on each adjustment date.  Real estate words and definition For other words and definitions related to real estate auctions For all active auctions, and properties for sale ContactGet...

Manufactured Housing Homes that are built entirely in a factory in accordance with a federal building code administered by the U.S. Department of Housing and Urban Development (HUD). Manufactured homes may be singleor multi-section and are transported from the factory to a site and installed....