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Mobile Home Finance Dictionary > M
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As a service to our customers, we've compiled a mobile home loan dictionary. Anything you need to know should be answered here. |
Looking for a specific term? Our mobile home dictionary is organized by letter.
Manufactured homes: A popular broad group of alternative housing construction types such as mobile homes which are produced mainly in and by factories and later moved to a permanent sites.
Manufactured Home: A home built entirely in a factory under a federal building code administered by the Department of Housing and Urban Development (HUD) that went into effect June 15, 1976.
Marginal tax rate: The amount of income tax that an investor would pay on the next dollar of income which is generally higher than the nominal or named tax rate because of the progressive income tax rate structure.
Market value: The highest price in terms of money which a property will bring in a competitive and open market and under all conditions required for a fair sale like the buyer and seller acting prudently with knowledge and neither being affected by undue pressures.
Master deed: A title document used in common area projects such as condominiums which creates both the fee units and the common interests involved in the projects.
Material change of ownership: The sale of X or more parcels to one buyer by a subdivider which is restricted in some states.
Material fact: Any fact that would affect the judgment or decision making of a person in giving his or her consent to enter into a particular transaction based on the proposed terms and one which an agent must disclose about his non-client to his or her principal and one which an agent must disclose about the property or the area to his non-clients.
Maturity: The date a loan is due.
Mobile Home: A factory constructed home built from 1970 to June 15, 1976.
Modular housing: A system used for the construction of factory-built homes and other improvements to real property that comply with local building codes, using very little labor through the on-site assembly of component parts or modules that have been mass produced at a different location. See Manufactured home.
Money market: A market for borrowed funds which are generally only short-term funds.
Mortgage: A security agreement between the lender and the borrower in which the property is collateral for the loan. The mortgage gives the lender the right to collect payment on a loan and to foreclose if the loan obligations are not met.
Mortgage Bank: A type of financial institution that offers only mortgage financing and/or loans.
Mortgage Broker: A company or individual that locates lender for the borrower for a fee. Brokers are considered the middle man. The use of a mortgage broker can increase your rate and fees that a borrower would have received had they borrowed from a lender directly.
Mortgage insurance: A policy that guarantees the repayment of a loan in the event of the death or disability of the borrower.
Mortgage Life Insurance: An optional form of life insurance that pays off a mortgage if the borrower dies. This has proven to not be cost effective for consumers. Chattel mortgage does not offer mortgage life insurance.
Mortgage Note: A legal document obligating a borrower to repay a loan at a stated interest rate during a specified period that is secured by a mortgage and either recorded by title or in the public records along with the deed, in the case of a real property transaction.
Mortgage Payment: The total monthly loan payment known as principle, interest, taxes and insurance (PITI).
Multiple Listing Service(MLS): A service within a given community or area that allows real estate professionals to submit listings and agree to attempt to sell all properties in the service. Some MLS services also list manufactured homes in parks.
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