Manufactured Home - A factory assembled home built in units or sections that are transported to a permanent site and erected on a foundation. Manufactured Homes can range from small trailers to a large residence, manufactured homes are usually built without knowing where they will be sited, and are subject to a Federal building code administered by HUD.
Market Value - A factory assembled home built in units or sections that are transported to a permanent site and erected on a foundation. Manufactured Homes can range from small trailers to a large residence, manufactured homes are usually built without knowing where they will be sited, and are subject to a Federal building code administered by HUD.
Maturity - The date when the principal loan balance is due.
Maximum Cash Out - The maximum amount of money you are allowed to get back from your mortgage transaction based on the loan information provided and the amount of equity you have in your home.
Maximum Monthly Payment - As part of your Power BuyerSM approval, you are given a maximum monthly payment for which you qualify based on the information you provided. This maximum payment is inclusive of the four major components of a typical mortgage payment: taxes, insurance, loan principal and interest.
Monthly Mortgage Payment - A monthly mortgage payment typically contains four parts called the PITI (principal, interest, taxes, and insurance). If you pay your taxes and insurance on your own, you pay only principal and interest to your lender.
Monthly Principle and Interest (or P&I) Payment - Principal and interest is the dollar portion to repay the loan. All interest that occurs is calculated on the current balance owing. The principal reduces the remaining balance of a mortgage.
Mortgage - A legal document by which real property is pledged as security for the repayment of a loan. Not to be confused with a mortgage loan.
Mortgage Broker - An individual or company that arranges financing for borrowers. The mortgage broker matches lenders with borrowers who meet the lenders criteria. The mortgage broker does not fund the loan but they do receive a payment from the lender for their services.
Mortgage Insurance - Insurance to protect the lender in case you default on your loan. With conventional loans, mortgage insurance is generally not required if you make a down payment of at least 20% of the home's appraised value. (Note, however, that FHA and VA loans have different insurance guidelines.)
Mortgage Note - Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument.
Mortgagor - (see borrower).
