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Capped rate mortgage |
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Capped rate mortgageAs with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.Capped rate mortgageA mortgage which guarantees the interest rate charged will not rise above a certain level. But it may fall in line with variable rates.Similar MatchesGuaranteed Mortgage Certificates (GMC)Guaranteed Mortgage Certificates (GMC)First issued by Freddie Mac in 1975, G.M.C.s, like PCs, represent undivided interest in specified conventional whole loans and participations previously purchased by Freddie Mac. Self amortizing mortgageSelf amortizing mortgageMortgage whose entire principal is paid off in a specified period of time with regular interest and principal payments. 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. Open End MortgageOpen End MortgageA mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage. Government insured mortgageGovernment insured mortgageLoans in which the government promises to make good on the insured portion, should the borrow default on the loan. Generally, government loans do not require large down payments. They do, however, have strict eligibility requirements. Further SuggestionsPrivate Mortgage Insurancemortgage broker Second mortgage lending Self build mortgage Renegotiable Rate Mortgage Strip mortgage participation certificate (strip PC) Mortgagee Secondary mortgage market Interest only mortgages Alternative mortgage instruments Growing Equity Mortgage (GEM) Mortgagee mortgage protection Mortgage REIT Adjustable Rate Mortgages (arms) remortgage Mortgage Servicing Private Mortgage Insurance (PMI) discounted rate mortgage mortgage Stepped fixed rate mortgage GEM (growing equity mortgage) Mortgage debt Lehman Brothers Mortgage Backed Securities Index Cooperative mortgages |
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