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Balloon mortgage |
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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.Balloon mortgage Similar MatchesMortgage arrearsMortgage arrearsThe amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements. Cashback mortgagesCashback mortgagesCashback mortgages provide you with a single lump sum of cash immediately on completion of the mortgage transaction. The amount of the lump sum is usually calculated as a percentage of the overall loan amount, though it can be a set figure. The percentage of the loan that is given as cashback can be as high as 5%, though amounts in the region of 1 to 3% are more common. Various different types of rate can come with cashback - capped, discounted, fixed and variable. There are also a lot of mortgages that award you three or four hundred pounds to go towards your solicitor's fees. Although this is a form of cashback, it would generally be classed as an incentive and not specifically as a cashback mortgage. Secondary Mortgage MarketSecondary Mortgage MarketThe buying and selling of first mortgages of trust deeds by banks, insurance companies, government agencies, and other mortgagees. This enables lenders to keep an adequate supply of money for new loans. The mortgages may be sold at full value (par) or above, but are usually sold at discount. The secondary mortgage market should not be confused with second mortgage. Biweekly mortgageBiweekly mortgageA mortgage that requires payments every two weeks and helps repay the loan over a shorter term. Chattel mortgageChattel mortgageA lien on personal property used as collateral for a loan. Further SuggestionsFederal National Mortgage Association (FannieMae)Mortgage pipeline risk Index tracker mortgage Tracker mortgages Self build mortgage variable rate mortgage First mortgage General Mortgage Bond Mortgage Gnma (government National Mortgage Association) Options base rate tracker mortgage Fixed term reverse mortgage Federal Home Loan Mortgage Corporation (FHLMC) Equitable Mortgage mortgage broker Federal National Mortgage Association fixed rate mortgage Wholesale mortgage banking Growing Equity Mortgage (GEM) Mortgage pool Assumable mortgage Wraparound mortgage Euro mortgage Remortgage Mortgage Servicing |
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