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GLOSSARY
Manufactured housing
Homes that are built in a factory that can be placed temporarily or permanently on a piece of land. These homes range in style and price. They range anywhere from a trailer/mobile home to a custom looking home.
Margin
It is the amount added to the index rate on ARM in order to get an adjustable interest rate by the lender.
Market conditions
Factors that influence the sales of homes in specific areas, such as interest rates, home appreciation, employment rates, and time of year.
Market value
The price that a property is worth based on an agreeable situation between ready buyers and content sellers who have disclosed all the facts about the property.
Master planned community
A large development where all of the amenities that make a community are factored into the planning before construction commences. The community will include parks, shopping areas, and recreation. Often, these communities will be gated.
Maturity
It is the due date for repayment of any financial instrument or loan or bond.
Maturity date
Regarding certificates of deposit, the date when the CD stops paying interest and the principal is given back to the buyer.
Maximum financing
When a lender's lowest permissible down payment is made, the borrower is given a mortgage with maximum financing.
Mechanical systems
Including the heating, cooling, plumbing and electrical systems in a house.
Median price
As asking price for a house which is an amount where half the houses in the same area sell for less and half sell for more.
Member bank
A bank with a membership in the Federal Reserve System.
Merged credit report
A combined credit summary from all three credit bureaus. These credit bureaus include: Experian, Transunion, and Equifax.
Merit aid
Education assistance given to students based on academic achievement, athletic, musical, or other talents and is not granted based on need.
Metes and bounds
A legal description of a parcel of land based on a surveyor's findings of measurements and angles.
Mill
In reference to real estate taxes, some states use a unit of taxation that equals one tenth of one cent, or $1 on every $1,000 of taxable property value.