Glossary - M

A structure, built on a permanent chassis, transported to a site in one or more sections, and affixed to a permanent foundation. The term does not include recreational vehicles.

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

To have a savings account at a credit union, you must belong to a group of people with a common bond. As a member of a credit union, you also become an owner of the credit union. Because you are an owner, your savings account is called a regular share account.

A member business loan includes any loan, line of credit, or letter of credit (including any unfunded commitments) where the borrower uses the proceeds for commercial; corporate; business investment property or venture; or agricultural purposes.

The amount of money required to be on deposit in an account to qualify the member for special services or to waive a service charge.

The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.

A payment that has been made on, but not credited to, the appropriate account.

A savings account that generally offers a higher rate of interest in exchange for larger than normal deposits. Insured by the NCUSIF, these accounts have limits on the number of transactions allowed and may require higher balances to receive the higher rate of interest.

A document that helps you to estimate what you can afford to pay, for example, a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities.

A contract or debt instrument used in a real estate transaction where the property is the collateral for the loan. A mortgage gives the lender a right to take possession of the property if the borrower fails to pay off the loan.

A loan made by a financial institution to a borrower for the financing of real property.

The financial institution in a mortgage loan relationship.

The borrower in a mortgage loan relationship.