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Blanket Mortgage |
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Blanket MortgageA mortgage that covers at least two pieces of real estate as collateral for the same mortgage.Blanket mortgageA mortgage that covers more than one property owned by the same borrower.Blanket Mortgage(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage".Blanket Mortgage Similar MatchesStepped discount mortgageStepped discount mortgageWhere the discount is, for example, fixed at one level for one year and then a slightly lesser level for two further years. Remember it is the percentage discount that is stepped and not the monetary amount, so your repayment can still vary. Federal National Mortgage AssociationFederal National Mortgage AssociationIn the US, a government-backed corporation which purchases mortgages from lenders and resells them to investors. It is financed by the issue of debt securities. Equity shares, known as Fannie Maes, are traded on the New York Stock Exchange. Repayment mortgageRepayment mortgageA mortgage where throughout the term, regular payments (usually monthly) are made to partly repay interest on the capital and to partly repay the capital itself (the amount of the loan).Initially the largest proportion of the repayments will be used to pay interest since the capital amount outstanding is at its highest value. Therefore over the initial years the capital will not reduce very much. However as the years proceed more and more of the monthly repayments will be applied to reducing the capital until towards the end of the term the large proportion will be paying off capital and a small proportion paying interest.In the event that interest rates rise then often the monthly repayments will rise accordingly. Alternatively, to keep the same monthly repayments the term will need to be extended. If interest rates fall then the reverse applies. It is usually a requirement of the lender (that is, a building society or bank) providing the mortgage that the borrower takes out life assurance so that repayment is made in the event of his/her death during the term. Federal National Mortgage Association (FannieMae)Federal National Mortgage Association (FannieMae)A publicly owned, government-sponsored corporation chartered in 1938 to purchase mortgages from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages mortgages backed by the Federal Housing Administration, but also sells some nongovernment-backed mortgages. Wrap Around MortgageWrap Around MortgageA second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing. Further SuggestionsJoint mortgageGnma (government National Mortgage Association) Options biweekly mortgage loan Guaranteed Mortgage Certificates (GMC) Mortgage broker Bi weekly mortgage loan reverse mortgage Second Mortgage Open end mortgage Reverse annuity mortgages (RAM) Consolidated mortgage bond Assumable mortgage Deferred interest mortgage Lifetime reverse mortgage Foreign currency mortgage first mortgage Alternative mortgage instruments First mortgage Junior mortgage Growing Equity Mortgage (gem) Stripped mortgage backed securities (SMBS) Commercial Mortgage Backed Securities Mortgage duration Reverse mortgage Mortgage Servicing |
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