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GLOSSARY
Mill rate
Mill rate, or millage rate, is a property tax term referring to the amount of tax charged for each dollar of a property's assessed value. The rate is expressed in mills, where one mill equals one-tenth of one cent, or $0.001.
Millage rate
Millage rate, or mill rate, is a property tax term referring to the amount of tax charged for each dollar of a property's assessed value. The rate is expressed in mills, where one mill equals one-tenth of one cent, or $0.001.
Min add'l invest
Min add'l invest, or minimum additional investment, refers to the smallest dollar amount that can be invested or contributed to an existing account. Mutual funds, for example, usually have a minimum additional investment.
Min check
Min check, or minimum check, is the lowest amount for which a draft can be written. This minimum restriction might be placed on a money market fund that has limited check-writing capabilities.
Min invest
Min invest, or minimum investment, is the smallest investment amount allowed, expressed either in dollars, or in share quantity. Mutual funds and bonds sold to individual investors often have minimum investment requirements.
Min IRA invest
Min IRA invest is the minimum balance required to open an Individual Retirement Account (IRA).
Mini perm
Mini perm is a type of financing typically used for commercial, industrial, or multi-family property. Commercial properties often cannot qualify for long-term, permanent financing until they've established operating histories; mini perm loans, therefore, are used to pay off the construction loans and bridge the gap until the property can qualify for permanent financing. Mini perms are typically structured with a three- to five-year maturity.
Minimum average balance to avoid fees
Minimum average balance to avoid fees is a requirement placed on some deposit and checking accounts. If the average balance (i.e., the daily balance divided by the number of days) falls below the minimum level, a maintenance fee will be charged to the accountholder.
Minimum balance to avoid fees
Minimum balance to avoid fees is a requirement placed on some deposit and checking accounts. If the balance at any point during a certain period--usually a month--falls below the stated level, the accountholder will be assessed a maintenance fee.
Minimum balance to open an account
Minimum balance to open an account is a requirement placed on some deposit, checking, and investment accounts. The account cannot be opened with any amount that's less than the stated minimum.
Minimum deposit
Minimum deposit is the smallest amount necessary to open an investment or mutual fund account. Minimum deposit amounts can range from a few hundred to a few thousand dollars.
Minimum down payment
Minimum downpayment is the lowest amount of cash that a borrower must put into a home purchase in order to qualify for the mortgage loan. The minimum down payment can be determined by the lender's standard requirements, by the borrower's income, or both.
Minimum payment
Minimum payment is the smallest payment amount a creditor will accept on a revolving debt without charging a penalty. Minimum payments are usually calculated as a small percentage (such as 3 percent) of the outstanding balance.
Minimum payment option mortgage
A mortgage option where the borrower can pay an extremely low monthly payment, this usually will not cover the interest and the subsequent month's balance will be higher.
Mint condition
Mint condition describes a used item that doesn't exhibit any signs of wear or age. Usually something described as being in mint condition has a pristine, like-new quality.