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Wrap Around Mortgage |
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Wrap 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.Wrap Around Mortgage Similar MatchesJoint mortgageJoint mortgageA mortgage shared jointly between two people with the agreement that if one dies, the other automatically inherits their share. One hundred percent mortgageOne hundred percent mortgageA loan for the full cost of the home you are buying if are unable to raise a deposit to buy a property. You may have no existing equity, no savings, be using up all you do have on the other costs of the move, or perhaps be saving what you do have so that you can fix up your new home when you do buy it. Mortgage protectionMortgage protectionTerm assurance to cover the repayment of a mortgage in the event of the death of the mortgagor during the period of the loan.In the case of a repayment mortgage the capital sum outstanding is gradually reduced over the term of the loan (albeit slowly during the initial years when the majority of the repayments are paying the interest) so that decreasing term assurance would be incorporated in the policy. For an endowment mortgage where the sum assured and the death benefit are at least equal to the amount of the loan throughout the term of the loan, level term assurance would be apt. Mortgage CompanyMortgage CompanyA company authorized to service real estate loans, charging a fee for this service. 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. Further SuggestionsMortgage application feeOpen end mortgage Equity linked mortgage Real Estate Mortgage Investment Conduit (REMIC) mortgage interest relief at source pension mortgage Mortgage debt Self build mortgage Alternative mortgage instruments Collateralized mortgage obligation (CMO) Direct Reduction Mortgage Low start mortgage first mortgage Assumable mortgage Federal National Mortgage Association Insured Mortgage Mortgage Broker flexible mortgage account Conventional mortgage Mortgage Mortgage Servicing Reverse mortgage fixed rate mortgage Variable rate mortgages Second mortgage lending |
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