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Houston Mortgage > Glossary >
Mortgage > M 1-10
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Manufactured housing
Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
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.
Market conditions
Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
Market value
The price at which a given property or product sells between a willing, unpressured buyer and seller who know all the pertinent facts about the property or product.
Master-planned community
A large development that features neighborhoods, parks and other recreation areas, schools and shopping centers. There often is an entrance, sometimes guarded and gated.
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.
McMansion
These mansions have been the object of scorn and ridicule since they started elbowing their way onto the suburban landscape in the late 1980s and early 1990s. McMansions are loosely defined as houses between 5,000 and 10,000 square feet with soaring grandiose entryways and multicar garages, often jammed onto undersized lots.
Mechanic's lien
A legal claim against property for payment of services or goods provided by someone who performed work on the property.
Mechanical systems
A house¡¯s heating, cooling, plumbing and electrical apparatus.
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