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Though it's been noted a thousand times before it’s nevertheless true; buying a home is one the most important financial decisions you will make. If you're planning to buy or sell a home in South Surrey / White Rock, then you'll want to make use of the information that we've assembled here in our resource section. Take a look through this section to get the information you need and don't hesitate to contact us with any questions. As always, our commitment is to provide you with the best information along with the best service to make your next move the right move.
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Glossary

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Maturity Date:

The last day of the term of the mortgage. On this day, the mortgage loan must either be paid in full or the agreement renewed.

MLS — Multiple Listing Service:

Multiple Listing Service®, trademarks owned by the Canadian Real Estate Association. They are used in conjunction with a real estate database service, operated by local real estate boards, under which properties may be listed, purchased, or sold.

Maintenance Fee

A periodic assessment that residents pay to their homeowners or condominium association to pay for maintenance and repair of common areas.

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.

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.

Marital Deduction

For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.

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.

Market Value

Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.

Maximum Financing

A mortgage made on a property in which the lender's lowest permissible down payment has been made.

Mechanical Systems

A house's heating, cooling, plumbing and electrical apparatus.

Median Price

In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.

Merged Credit Report

A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.

Metes and Bounds

A surveyor's legal description of a parcel of land, defined by measurements and angles.

Mill Rate

In reference to property taxes, a unit of taxation is a set ratio made by the city or municipal district.

Mortgagee and Mortgagor :

The lender is the mortgagee and the borrower is the mortgagor.

Mortgage Life Insurance :

A form of reducing term insurance recommended for all mortgagors. If you die, have a terminal illness, or suffer an accident, the insurance can pay the balance owing on the mortgage. The intent is to protect survivors from the loss of their homes.

Mortgage Term :

The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years.

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