Required by lenders on some loans to protect lenders from a possible default. Most conventional loans with down payments or home equity percentages that are less than 20 percent of the home value …
Mortgage Life Insurance
A special type of insurance that will pay off a mortgage if the borrower dies before the debt is retired. …
Mixed-Use Development
A project that combines several different functions, such as residential space above a commercial establishment or an entire development combining commercial, residential, and public accommodations. …
Multiple Listing Service (MLS)
The service combines the listings for all available homes in an area, except For Sale By Owner (FSBO) properties, in one directory or database. …
Modification
A change in the terms of a loan agreement. …
Modified Annual Percentage Rate (APR)
The modified APR is an index of loan cost based on the standard APR and adjusted for the time the borrower expects to hold the loan. …
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