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Insured Mortgage |
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Insured MortgageA mortgage insured against loss to the mortgagee in the event of default and a failure of the mortgaged property to satisfy the balance owing plus costs of foreclosure. May be insured by F.H.A., V.A., or by private mortgage insurance companies.Insured Mortgage Similar MatchesH Hard Money MortgageH Hard Money MortgageA mortgage given in return for cash, rather than to secure a portion of the purchase price, as with a purchase money mortgage. Veterans Administration (VA) mortgageVeterans Administration (VA) mortgageA home mortgage loan granted by a lending institution to U.S. veterans and guaranteed by the Veterans Administration. Private Mortgage InsurancePrivate Mortgage InsuranceInsurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment. Pension mortgagePension mortgageA type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is (and must be) used to provide a pension. Throughout the mortgage term the borrower pays interest to the lender such as a building society or bank whilst additionally making payments into the pension scheme. Tax relief is allowable on both the interest payments to the lender and on the contributions to the pension scheme which makes this type of plan attractive. 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). Further Suggestionsmortgage backed securitySecondary mortgage market Mortgage REIT first mortgage shared appreciation mortgage Mortgage Bonds Mortgage Broker Guarantee mortgage Mortgage Backed Securities Clearing Corporation (MBSCC) Variable rate mortgages Private Mortgage Insurance (PMI) Government insured mortgage Mortgage Life Insurance Mortgage application Consolidated mortgage bond Shared appreciation mortgage variable rate mortgage Full status mortgage Index tracker mortgage mortgage indemnity Flexible mortgage Mortgage Banker Self amortizing mortgage Capped rate mortgage mortgage interest deduction |
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