|
|
Joint mortgage |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Joint mortgageA mortgage shared jointly between two people with the agreement that if one dies, the other automatically inherits their share.Joint mortgage Similar MatchesMortgage Life InsuranceMortgage Life InsuranceA term life insurance policy for theamount of the declining balance of a loan secured by a mortgage or deed of trust. The beneficiary under the policy is the mortgagee. In the event of death (some policies also cover disability) of the insured (mortgagor), the mortgage is paid in full. Repayment mortgageRepayment mortgageEach month you will make a repayment to the mortgage lender. Part of this payment will go towards reducing the total amount of capital you owe and part of it will be an interest charge on the remaining balance of the mortgage. Unless interest rates change or your introductory offer period ends, you pay the same amount each month. When one of these things does happen, repayments are altered so that the loan is still repaid at the end of the specified term. Variable rate mortgageVariable rate mortgageA mortgage where the interest rate is not fixed and which is dependent on influences such as interest rates on Treasury securities in the US or base rate in the UK. Mortgage indemnityMortgage indemnityA mortgage indemnity allows a mortgage lender to recover the costs incurred from a repossession by pursuing the former owner for the difference between a) what the property was sold for and b) what the former owner still owes under the mortgage.In effect, if you are unable to pay your mortgage, and your property is repossessed and sold, the lender can still chase you for a shortfall if the amount raised by the sale doesn't cover your debt.Some mortgage companies have insisted that borrowers take out an insurance policy to cover the potential liability - know as a mortgage indemnity guarantee. MIGs are most common where the deposit being put down by the mortgagor is less than 10% of the borrowed amount. Typically a MIG will add £1,600 to the cost of a £100,000 mortgage.MIGs have come in for a lot of bad publicity, and are not as common now as they used to be. Some lenders have abandoned them altogether. Mortgage poolMortgage poolA group of mortgages with similar class, interest rate, and maturity characteristics. Further SuggestionsRenegotiable Rate MortgagePurchase money mortgage Bi weekly mortgage loan Mortgage interest deduction Mortgagee commercial mortgage Mortgage broker Equity linked mortgage Euro mortgage shared appreciation mortgage Second mortgage lending Variable rate mortgages Graduated Payment Mortgage Wrap Around Mortgage Cooperative mortgages Federal National Mortgage Association Blanket Mortgage mortgage broker Adjustable rate mortgage (ARM) Reverse mortgage Council of Mortgage Lenders Full status mortgage First mortgage Veterans Administration (VA) mortgage Secondary Mortgage Market |
|
|
|