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Chattel mortgage |
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Chattel MortgageA loan agreement that grants to the lender a lien on property other than real estate. Chattel is personal or movable property.Chattel mortgageA lien on personal property used as collateral for a loan.Chattel mortgage Similar MatchesInterest only mortgageInterest only mortgageA mortgage where regular payments (usually monthly) only meet the interest requirements. The interest rate is usually variable and linked to prevailing rates but can be fixed for a given period. The capital amount outstanding remains approximately the same and the borrower will need to make additional provision for repaying this amount at the end of the term of the loan. Shared Appreciation Mortgage (SAM)Shared Appreciation Mortgage (SAM)A mortgage with a low rate of interest, offset by giving the lender some portion of the appreciation in the value of the underlying property. Mortgage BrokerMortgage BrokerOne 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. Renegotiable Rate MortgageRenegotiable Rate MortgageA real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15). Foreign currency mortgageForeign currency mortgageIt is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk Further SuggestionsMortgage cash surplusLehman Brothers Mortgage Backed Securities Index Capped rate mortgage Interest only mortgages Government insured mortgage All inclusive Trust Deed (wrap around mortgage) Government National Mortgage Association Mortgage Servicing Open end mortgage reverse annuity mortgage second mortgage Owner Will Carry Mortgage senior mortgage bond mortgage indemnity Insured Mortgage Non status mortgage adjustable rate mortgage Mortgagee Freddie Mac (Federal Home Loan Mortgage Corporation) reverse mortgage Mortgage servicing biweekly mortgage loan Growing Equity Mortgage (gem) Lifetime reverse mortgage Mortgage payment protection insurance (MPPI) |
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