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Real Estate / Mortgage Glossary : M
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Macroeconomics
Looking at the economy as a whole, particularly the interaction of its various components with one another.
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Maintenance Fee
A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.
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Manufactured Housing
Factory-built home that can be placed temporarily or permanently upon land. Styles vary from modest trailers to dwellings that look like site-built houses.
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Margin
Expressed as percentage points, the amount that a lender adds to an index to arrive at the final interest rate. For example, if the index is 9 percent and the margin 2.75 percent, the final interest rate is 11.75 percent.
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Marital Deduction
For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
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Market Conditions
Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
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Market Value
Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
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MasterCard
A credit card issued by MasterCard International which is distributed by many financial institutions around the world. Card holders borrow money against a credit line and pay it back with interest if the balance is carried over from month to month.
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Maturity
The date on which the principal balance of a loan becomes due and payable. It also marks the date when a bond pays off its principal.
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Maximum Financing
A mortgage made on a property in which the lender's lowest permissible down payment has been made.
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Meals and Entertainment
Expenses that are deductible in your business may include meals and entertainment, such as the cost of taking a client to a restaurant and a sporting event. These expenses, however, are only partially deductible (50 % in Canada)
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Mechanical Systems
A house's heating, cooling, plumbing and electrical apparatus.
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