back to REAL ESTATE DICTIONARY
- Managing Broker – see Real Estate Broker
- MIL – see Mother-In-Law Suite (MIL)
- MLS – see Multiple Listing Service (MLS)
- Mortgage – A mortgage is a loan that a bank or mortgage lender gives you to help finance the purchase of a house. It is most advantageous to borrow approximately 80% of the value of the house or less. The house you buy acts as collateral in exchange for the money you are borrowing to finance the mortgage for a house. A mortgage payment is composed of four parts: principal, interest, taxes and insurance. It is normally paid on a monthly basis. Examples of Mortgages:
- Mortgage Interest – Mortgage interest is the cost associated with borrowing money to purchase a home. It is applicable to both primary and secondary loans, including home equity loans and lines of credit, as long as the residence is used as collateral to secure the loan.
- Mortgage Lien — see Liens
- Mortgage Note – is a promissory note secured by a specified mortgage loan. Mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
- Mortgage Refinancing – refinancing a mortgage means the owners are paying off their existing mortgage and replacing that mortgage with a new loan. Generally, the costs associated with mortgage refinancing are rolled into the loan, meaning they are added to the existing balance, increasing the loan amount.
- Mother-In-Law Suite (MIL) – it’s a catch-all term that includes any living space with a bedroom, kitchen and bathroom and an entrance from the main house.
- Multiple Listing Service (MLS) – is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see others’ listings of properties for sale with the goal of connecting home buyers to sellers. Under this arrangement, both the listing and selling broker benefit by consolidating and sharing information, and by sharing commissions.