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First mortgage |
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First mortgageA type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.First mortgageThe original loan taken out to purchase a home.First MortgageA mortgage on property that is superior in position to any other mortgage.First mortgageA mortgage which carries priority over any subsequent mortgages if the borrower goes into default and his/her assets have to be sold to pay creditors.Similar MatchesAdjustable Rate Mortgages (arms)Adjustable Rate Mortgages (arms)Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Mortgage Loans (AML'S), Flexible Rate Loans, Variable Rate Loans. Fixed rate mortgageFixed rate mortgageA type of mortgage where interest repayments to the lender are fixed until maturity or for a specified term. Reverse annuity mortgages (RAM)Reverse annuity mortgages (RAM)Bank loan for an amount equal to a percentage of the appraisal value of the home. The loan is then paid to the homeowner in the form of an annuity. Federal National Mortgage AssociationFederal National Mortgage Association(Fannie Mae): A tax paying corporation created by Congress to support the secondary mortgage market. It purchases and sells residential mortgages insured by FHA or guaranteed by VA as conventional home mortgages. Lifetime reverse mortgageLifetime reverse mortgageA type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, the property is sold, and the loan repaid. Further SuggestionsH Hard Money MortgageDirect Reduction Mortgage Purchase money mortgage senior mortgage bond endowment mortgage mortgage broker Chattel mortgage Balloon mortgage Delinquent mortgage biweekly mortgage loan Commercial Mortgage Backed Securities Multifamily mortgage Self build mortgage Insured Mortgage reverse mortgage Alternative mortgage instruments Wholesale mortgage banking Mortgage Life Insurance Second Mortgage Federal Agricultural Mortgage Corporation (Farmer Mac) GEM (growing equity mortgage) remortgage Stepped fixed rate mortgage Mortgage duration Wrap Around Mortgage |
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