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M.A.I.

          Designates a person who is a member of a professional appraisal organization.

Margin

          The difference between the interest rate and the index on an adjustable rate mortgage. The margin                 remains stable over the life of the loan. It is the index which moves up and down.

Marginal Land

          Land which barely pays the cost of working or using.

Marketable Title

          Title free and clear of objectionable liens or encumbrances; title which is free from reasonable doubts             or defects, which can be readily sold or mortgaged.

Market Value

          The highest price a ready, willing and able buyer, not forced to buy, will pay to a ready, willing and                 able seller, not forced to sell, allowing a reasonable time for exposure in the open market.

Material Fact

          A fact is material if it is one which the agent should realize would be likely to affect the judgment of               the principal in giving his or her consent to the agent to enter into the particular transaction on the                 specified terms.

Maturity

          The date on which the principal balance of a loan, bond, or other financial instrument becomes due               and payable.

Mechanic’s Lien

          A lien which exists against real property in favor of persons who have performed work or furnished                 materials for the improvement of real estate.

Merged Credit Report

          A credit report which reports the raw data pulled from two or more of the major credit repositories.                 Contrast with a Residential Mortgage Credit Report (RMCR) or a standard factual credit report.

Merger of Tittle

          The absorption of one estate into another

Metes and Bounds

          A method of describing or locating real property; metes are measures of length and bounds are                     boundaries; a description starting with a well-marked point of beginning and following the boundaries of           the land until it returns once more to the point of beginning.

Mile

          A linear measurement of distance equal to 1760 yards, 5280 feet, or 1,608 meters.

Military Clause

          A clause inserted in some leases to allow the military tenant to terminate the lease in case of transfer,           discharge or other circumstances.

Mill

          One-tenth of one cent. Used in  some states to compute property taxes.

Minor

          A person who is under the legal age of competence; one under 18 years of age.

Misrepresentation

          A false statement of a material fact made with the intent to induce  some action by another party.

Modification

          Occasionally, a lender will agree to modify the terms of your mortgage without requiring you t                         refinance. If any changes are made, it is called a modification.

Monument

          A fixed object and point established by surveyors to establish land locations; includes not only                     artificial objects such as posts and fences, but natural objects such as trees, mountains and water               courses.

Mortgage

          A legal document that pledges a property to the lender as security for payment of a debt. Instead of               mortgages, some states use First Trust Deeds.

Mortgage Banker

          A corporation or firm which makes, delivers and services mortgage loans.

Mortgage Broker

          A person or firm which acts as an intermediary between borrower and lender.

Mortgagee

          The party who lends money and accepts a mortgage to secure the payment of the debt.

Mortgage Insurance (MI)

          Insurance that covers the lender against some of the losses incurred as a result of a default on a                   home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger                     mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that                 have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No             MI" are usually a made at a higher interest rate. Instead of the borrower paying the mortgage                         insurance premiums directly, they pay a higher interest rate to the lender, which then pays the                       mortgage insurance themselves. Also, FHA loans and certain first-time home buyer programs require             mortgage insurance regardless of the loan-to-value.

Mortgage Insurance Premium (MIP)

          The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the             Federal Housing Administration (FHA) or to a private mortgage insurance (MI) company.

Mortgage Life and Disability Insurance

          A type of term life insurance often bought by borrowers. The amount of coverage decreases as the               principal balance declines. Some policies also cover the borrower in the event of disability. In the                   event that the borrower dies while the policy is in force, the debt is automatically satisfied by                         insurance proceeds. In the case of disability insurance, the insurance will make the mortgage                       payment for a specified amount of time during the disability. Be careful to read the terms of coverage,           however, because often the coverage does not start immediately upon the disability, but after a                     specified period, sometime forty-five days.

Mortgagor

          The borrower in a mortgage agreement.

Mud Tunnel

          Passageway for subterranean termites

Multi-dwelling Units

          Properties that provide separate housing units for more than one family, although they secure only a             single mortgage.

Multiple Listing Service (M.L.S.)

          An arrangement among brokers whereby they share their listings.

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​Pahoa, HI 96778
Phone: (808) 965-9903
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