Balloon mortgageA mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
Junior mortgageJunior mortgage
A mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage.
Lehman Brothers Adjustable Rate Mortgage IndexLehman Brothers Adjustable Rate Mortgage Index
A benchmark index that includes all agency-guaranteed securities with coupons that periodically adjust based on a spread over a published index.
Full status mortgageFull status mortgage
A full status mortgage is for people who wish to make a lender aware of any previous arrears or debt problems they may have had. If they do not make the lender aware of these facts and they are latetr discovered, his could lead to all sorts of problems and the borrower could even be forced to sell the home. If you have a bad credit record some lenders will regard lending you money a high-risk activity. Many will not lend you money at all and when you can get a loan, you will undoubtedly have to pay a higher rate of interest than you would otherwise.
Commercial mortgageCommercial mortgage
A mortgage on a non residential building occupied by a business.
Mortgage typesMortgage types
For example, repayment or interest. Or fixed, capped, tracker, discount or stepped rate etc.
Further SuggestionsAssumable mortgage
Lehman Brothers Mortgage Backed Securities Index
Wrap Around Mortgage
Real Estate Mortgage Investment Conduit (REMIC)
Self certification mortgage
Mortgage interest deduction
discounted rate mortgage
Purchase money mortgage
mortgage backed security
One hundred percent mortgage
MIG Mortgage Indemnity Guarantee
Adjustable rate mortgage (ARM)
Shared appreciation mortgage