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Houston Mortgage > Glossary >
Credit Repair > M 1-10
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Margin
Expressed as percentage points, the amount that a lender adds to an index to arrive at the final interest rate. For example, if the index is 9 percent and the margin 2.75 percent, the final interest rate is 11.75 percent.
Maturity
The date on which the principal balance of a loan becomes due and payable. It also marks the date when a bond pays off its principal.
Maximum financing
A mortgage made on a property in which the lender¡¯s lowest permissible down payment has been made.
Mediation
A method of resolving a dispute using a neutral party (a "mediator") who actively works to resolve the differences. A mediator cannot make a binding decision, as opposed to an arbitrator, who can.
Merged credit report
A combined summary of one's credit history from the three largest credit bureaus: Equifax, Experian and TransUnion.
Mileage allowance or mileage limitation
Mileage allowance or mileage limitation
The number of miles, specified in a lease, that a car may be driven over the life of the lease.
Mileage charge
Extra charges the lessee must pay if the car is driven over the lease's mileage allowance, usually 12,000 to 15,000 miles per year.
Minimum average balance to avoid fees
The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or per usage transaction charges.
Minimum balance to avoid fees
The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or per usage transaction charges.
Minimum balance to open an account
The minimum initial deposit required to open the account described.
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