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2835 Grand Ave., Suite B
Laramie, WY 82070
(307) 742-2099
  
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GLOSSARY OF TERMS
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- margin
- The number of percentage points a lender adds to the index value to
calculate the ARM interest rate at each adjustment period. A
representative margin would be 2.75%.
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- marketable title
- Good or clear title, reasonably free from the risk of litigation
over possible defects.
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- market data approach
- (also known as the sales comparison approach) An estimate of
value obtained by comparing property being appraised with recently
sold comparable properties.
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- market value
- The most probable price property would bring in an arm's-length
transaction under normal conditions on the open market.
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- mechanic's lien
- A statutory lien created in favor of contractors, laborers, and
materialmen who have performed work or furnished materials in the
erection or repair of a building.
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- meter-and-bounds description
- A legal description of a parcel of land that begins at a well-marked
point and follows the boundaries, using directions and distances
around the tract, back to the place of beginning.
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- mill
- One-tenth of one cent. some states use a mill rate to compute
real estate taxes; for example, a rate of 52 mills would be $0.052 tax
for each dollar of assessed valuation of a property.
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- mortgage
- A legal document that pledges a property to the lender as security
for payment of a debt.
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- mortgage disability insurance
- A disability insurance policy which will pay the monthly mortgage
payment in the event of a covered disability of an insured borrower
for a specified period of time.
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- mortgage insurance (MI)
- Insurance written by an independent mortgage insurance company
protecting the mortgage lender against loss incurred by a mortgage
default. Usually required for loans with an LTV of 80.01% or
higher.
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- mortgagee
- The person or company who receives the mortgage as a pledge for
repayment of the loan. The mortgage lender.
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- mortgage lien
- A lien or charge on the property of a mortgagor that secures the
underlying debt obligations.
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- mortgagor
- The mortgage borrower who gives the mortgage as a pledge to repay.
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- multiperil policies
- Insurance policies that offer protection from a range of potential
perils, such as those of a fire, hazard, public liability, and
casualty.
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- multiple-listing service (MLS)
- A marketing organization composed of member brokers who agree to
share their listing agreements with one another in the hope of
procuring ready, willing, and able buyers for their properties more
quickly than they could on their own.
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