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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 MatchesGeneral Mortgage BondGeneral Mortgage BondIn the US, this refers to a bond that is secured by a blanket mortgage on the issuing company's property, though it may be outranked by one or more other mortgages. Endowment mortgageEndowment mortgageAn interest-only mortgage ultimately repaid by the proceeds of an endowment assurance policy which is assigned to the lender providing the mortgage. The policyholder pays the lender's interest only, for the term of the mortgage. The sum assured, which is payable on maturity or prior death of the policyholder, is used to repay the mortgage. Policies are usually with profits (or low cost endowment), unit linked or unitised with profits and sometimes this provides some additional capital for the policyholder after the lender has been repaid. MortgageeMortgageeThe party lending the money and receiving the mortgage. Some states treat the mortgagee as the "legal" owner, entitled to rents from the property. Other states treat the mortgagee as a secured creditor, the mortgagor being the owner. The latter is the more modern and accepted view. Reverse mortgageReverse mortgageA mortgage that permits elderly people who own their home outright to receive an income with the home as collateral. The loan is repaid plus interest either at the end of the term or on the death of the borrower when the property would be sold. Mortgage code arbitration schemeMortgage code arbitration schemeAn arbitration service between members of the public and lenders. Further SuggestionsFederal National Mortgage Associationrepayment mortgage Multifamily mortgage Mortgage Insurance Alternative mortgage instruments Guarantee mortgage Mortgage term Index tracker mortgage Mortgage types Government insured mortgage Conventional mortgage Package mortgage Senior mortgage bond Mortgage Life Insurance Secondary mortgage market second mortgage Cap & collar mortgage variable rate mortgage mortgage protection Mortgage Owner Will Carry Mortgage Real Estate Mortgage Investment Conduit (REMIC) Stripped mortgage backed securities (SMBS) Mortgage pipeline Capped rate mortgage |
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