Saturday, August 10, 2013

Real Estate Terms And It's Meaning (M)

Neeta Shah
Neeta Shah
An opening which permits access to the space between the roof and the ceiling, or below the floor.

Market Value
The price at which a seller is happy to sell and a buyer is willing to buy. This assumes that there is sufficient activity in the marketplace to generate enough buyers and sellers so that neither party controls the price. Establishing the market value is the objective of an appraisal.

A legal document that pledges a property to the lender as security for payment of a debit.

Mortgage Broker
An individual or company that brings borrowers and lenders together for the purpose of loan origination. Mortgage brokers typically require a fee or a commission for their services. Usually paid by the Lender.

Mortgage Discharge Fee
A fee charged by some lending institutions for finalising a loan repayment.

Mortgage Insurance
A policy that insures the lender against the borrower on a loan. Most lenders generally require insurance when borrowing more than 80% of the property value.

Mortgage Life Insurance
A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds.

Mortgage Offset
A non-interest earning account that is offset against a home loan to reduce the total interest payable.

The lender in a mortgage agreement.

The borrower in a mortgage agreement.

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