| Main water shut-off valve |
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| The primary valve that halts the flow of water from the water meter into a home. |
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| Maintenance fee |
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| The monthly assessment members of a homeowners' association pay for the repair and maintenance of common areas. |
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| Managed-competition lots |
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| Lots in which buyers choose between one of several builders. |
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| Mansard roof |
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| A roof with four sides that slope upward from the roof edge to the square peak. |
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| Mantel |
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| The facing of stone, marble or other material around a fireplace. |
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| Manufactured housing |
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| Prefabricated homes that can range from simple trailers to larger dwellings. |
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| Margin |
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| The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable-rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent. |
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| Market conditions |
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| Factors affecting the sale and purchase of homes at a particular point in time. |
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| Market value |
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| The price that a piece of property sells for at a particular point in time. |
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| Masonry |
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| The brick or stone work on a building. |
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| Master-planned community |
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| A suburban plan that includes homes and commercial, work, educational and community facilities. |
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| Maximum financing |
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| A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property. |
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| Mechanic's lien |
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| Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment. |
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| Mechanical systems |
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| A home's plumbing, wiring, heating and cooling systems. |
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| Median price |
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| The price of the house that falls in the middle of the total number of homes for sale in that area. |
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| Mediation |
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| A dispute-resolution process in which a neutral party works to resolve contract differences. |
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| Merged credit report |
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| A report that draws information from the Big Three credit-reporting companies: Equifax, Experian and TransUnion Corp. |
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| Metes and bounds |
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| A time-honored land surveying method of describing land in terms of shape and boundary dimensions. |
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| Mint condition |
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| Mint condition, or blue-ribbon condition, refers to a house that looks as close to new as possible. |
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| Mixed-income housing |
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| A neighborhood that contains houses of widely varying prices. |
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| Mixed-use development |
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| A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential and public accommodations. |
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| Modification |
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| A change in any of the terms of the loan agreement. |
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| Molding |
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| Decorative trim elements applied to walls, ceilings, and window and door openings. |
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| Money market account |
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| Accounts that work like money market funds and allow individual investors to participate in certain managed investments and withdraw funds under most conditions. |
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| Money market funds |
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| A mutual fund that pools the resources of individuals to invest in certain managed investments. |
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| Mortgage |
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| A legal document specifying a certain amount of money to purchase a home at a certain interest rate, and using the property as collateral. |
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| Mortgage acceleration clause |
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| A clause which allows a lender to demand that the entire balance of the loan be repaid in a lump sum under certain circumstances. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or |
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| Mortgage banker |
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| A company that provides home loans using its own money. The loans are usually sold to investors such as insurance companies and Fannie Mae. |
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| Mortgage broker |
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| A company that matches lenders with prospective borrowers who meet the lender's criteria. The mortgage broker does not make the loan, but receives payment from the lender for services. |
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| Mortgage insurance |
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| Required by lenders in some loans to protect them from a possible default . All conventional loans with less than a 20 percent down payments require private mortgage insurance, or PMI. |
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| Mortgage life insurance |
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| A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired. |
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| Mortgage-interest deduction |
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| The tax write-off that the Internal Revenue Service allows most owners to claim for the annual interest payments they make on their real estate loans. |
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| Mortgagee |
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| A bank or other financial institution that lends money to the borrower. The borrower is considered the mortgagor. |
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| Mortgagor |
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| The person who borrows money to purchase a house. The lender is called the mortgagee. |
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| Motivated buyer |
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| Any buyer with a strong incentive to make a purchase. |
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| Motivated seller |
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| Any seller with a strong incentive to make a deal. |
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| Move-in condition |
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| A house that is ready for a new occupant. |
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| Move-up buyer |
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| A buyer who has purchased a home before and is looking for a bigger or more expensive home. |
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| Mullion |
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| A vertical dividing bar between window lights or panels. |
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| Multidwelling property |
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| A property that contains individual units for several households but carries only one mortgage. |
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| Multifamily mortgage |
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| A mortgage on a multifamily dwelling with more than four families, typically an apartment building. |
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| Multiple listing service (MLS) |
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| The service combines the listings for all available homes in an area, except For-Sale-By-Owner (FSBO) properties, in one directory or database. |
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| Multiple offers |
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| Multiple purchase offers occur in hot markets or hot neighborhoods. |
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| Municipal housing inspector |
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| Inspectors employed by cities or counties to check all construction sites and verify that contractors are meeting building codes. |
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