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.
Private Mortgage InsurancePrivate Mortgage Insurance
Insurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment.
Joint mortgageJoint mortgage
A mortgage shared jointly between two people with the agreement that if one dies, the other automatically inherits their share.
Self certification mortgageSelf certification mortgage
Mainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: Self-employed and unsalaried company directors, contract workers (increasingly common in technology-based industries), commission-based workers (often in sales, recruitment etc.), people with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.
Government National Mortgage Association (Ginnie Mae)Government National Mortgage Association (Ginnie Mae)
A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages.
Mortgage BrokerMortgage Broker
One who, for a fee, brings together a borrower and lender, and handles the necessary applications for the borrower to obtain a loan against real property by giving a mortgage or deed of trust as security. Also called a loan broker.
Further SuggestionsBi weekly mortgage loan
Growing Equity Mortgage (GEM)
Federal National Mortgage Association (FannieMae)
Self build mortgage
Government insured mortgage
fixed rate mortgage
shared appreciation mortgage
mortgage life insurance
Guaranteed Mortgage Certificates (GMC)
Federal National Mortgage Association
Foreign currency mortgage
Adjustable Rate Mortgages (arms)
Buy down mortgage
Non status mortgage
mortgage agreement in principle