A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

M

Majority	The age at which an individual is legally entitled to handle his or her own affairs
Margin	The amount added to the index on an adjustable-rate mortgage (ARM) that establishes the adjusted interest rate at a given time
Market value, or Fair market value	The most likely price that a piece of property or home can realistically be sold for, and is dependent on the selling price of similar real estate in the area
Marketable title	A clear, unencumbered title, reasonably acceptable without the threat of the risk of litigation
Maturity	The date on which the principal balance of a loan, bond, or other financial commitment is due and payable
Mechanic's lien	A lien created by statute to allow unpaid contractors, laborers or suppliers who have performed work on or furnished materials for the construction of a building to recover the value of their work
Metes and Bounds	Means for describing property by a set of directions and distances, when there isn't identification based on a surveyed lot number
Minor	An individual below the age at which he or she is legally entitled to handle his or her own affairs
Monument of Survey	le indications made on natural or man-made objects that indicate the boundaries of a survey
Mortgage	A legal document that pledges a property to the lender as security for the payment of a loan or debt
Mortgage broker	An individual or company that acts as an agent between borrowers and lenders for the purpose of arranging and negotiating mortgage contracts; who is paid a fee for such service
Mortgage insurance	A contract that guarantees the lender against loss caused by a mortgagor's default on a government or conventional mortgage; such insurance can be issued by a private company or by a government agency, and covers either only a percentage, or the total, of the mortgage loan
Mortgagee	The lender in a mortgage transaction
Mortgagor	The borrower in a mortgage transaction
Multiple-listing service (MLS)	An organization of brokers who share their listing agreements with one another in order to find buyers for their properties more effectively than they could individually

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Financing Your Home >Financially Qualified

Most purchase agreements allow buyers to get out of the contract if they can't qualify for a mortgage. If you are selling your home, be sure to get some reassurances before you make a commitment to buyers. Most contracts now require timely loan applications and pre-qualifying letters from the lender.

There is no way to be absolutely certain that buyers will be able to obtain financing. Real estate professionals will help buyers determine what they can afford and whether there are financing alternatives. They will also eliminate buyers who are not financially qualified. Training and experience enable them to resolve difficulties quickly to avoid wasting time.

	See All Tips In The "Financing Your Home" Category >
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Real Estate Trivia

Q	To what process do the terms closing, escrow, settlement and passing papers refer?
A	These terms, which vary in different parts of the country, describe the conclusion of a real estate sale.
See More Real Estate Trivia >

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Nelly Andrushenko Power Realty Inc. 148-29 Cross Island Parkway Whitestone, NY. 11357 718-747-0411 917-406-4922 Fax: 718-747-0504 Email: nelly@nellyshomes.com Nelly Andrushenko started her career in Real Estate in 1989 and after being affiliated with a prominent local Real Estate company for a number of years, Nelly joined one of the Re/Max offices where she worked for four years. In March of 2002, Nelly founded her own Real Estate company, "Power Realty, Inc.". She is constantly in search of knowledge and ways to perfect her customer service. Nelly's enthusiasm and dedication to helping people has brought her success and recognition as a Top Realtor in Northern Queens. If you’ve been thinking of buying or selling a home in the near future, please call Nelly (718) 747-0411 or email her at nelly@nellyshomes.com

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