Manufactured housing
A structure that has been partially or entirely constructed at another location and moved onto the property (on a permanent foundation). A manufactured home may or may not be a mobile home.

Margin
The number of percentage points the lender adds to the index rate to determine the interest rate.

Market value
The likely selling price of a home between a willing buyer and a willing seller on the open market. In a mortgage or a home equity loan, the fair market value is usually determined by an appraisal. Also called fair market value.

Maturity date
The day on which all outstanding principal, interest and fees must be repaid.

Minimum payment
The minimum amount you must pay (usually monthly) on your account to avoid a delinquency. Some loans may permit a minimum payment of interest only. Other loans may require a minimum payment of principal and interest. Many other variations of minimum payments exist.

Mobile home
A type of residence that's built upon a wheeled chassis that can be transported from site to site.

Modular home
A factory-built home that's erected on-site, with the appearance and characteristics of a site-built residence.

Monthly payment
The amount paid each month toward the principal and interest amount of a loan. The monthly payment may or may not include taxes and insurance.

Mortgage
A legal document giving a lender a lien on real estate to secure repayment of a loan. Mortgage loans generally run from 10 to 30 years, after which the loan is required to be paid off. Also called deed of trust and/or security deed.

Mortgage insurance
Insurance that protects the lender if you default on your loan. This insurance usually costs from 0.15% to 2.5% of the loan amount. If your down payment is less than 20%, most lenders will require you to get mortgage insurance. Also called private mortgage insurance (PMI).

Mortgage points
A point is equal to 1% of the principal amount of your loan. Mortgage points are usually collected at closing. Also called points.

Mortgagee
The lender or other party named in the mortgage as the party who's entitled to receive repayment of the home loan.

Mortgagor
The borrower, or other party named in the mortgage as the party obligated to repay the home loan.

Multi-family residence (two to four units)
A residential property with two to four individual housing units (duplex, triplex, quadplex).