| Manufactured
Home |
| |
A
type of house that is constructed in a factory, delivered to
a property location and set on a foundation. In the past,
manufactured homes were called "mobile homes".
However, "mobile" is no longer an accurate name
because fewer than five percent of such homes are ever moved
off the owner's original site.
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|
| Maturity |
| |
The
termination or due date on which final payment of a loan
must be paid in full.
|
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| Maximum
Monthly Payment |
| |
The
maximum payment a borrower may qualify for based on their
income and debt. The maximum payment is calculated by using
a debt-to-income ratio.
|
|
| Mobile
Home |
| |
A
type of home that is 100% constructed in a factory,
delivered to a property location and set on a lot or
foundation. A mobile home can generally be moved off of the
owner's original site.
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| Monthly
Housing Payment |
| |
Typically
the total amount of principal, interest, taxes, and
insurance (PITI) paid each month on a mortgage loan. Many
lenders and investors limit the monthly housing payment to
28% of the gross monthly income.
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| Monthly
Payment |
| |
The
amount of principal and interest paid each month on a loan.
The monthly payment on a mortgage loan may also include an
escrow payment for taxes and insurance.
|
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| Monthly
Payment Savings |
| |
The
total monthly payment reduction a borrower may gain by
refinancing their mortgage loan. |
