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Junior mortgage |
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Junior mortgageA mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage.Junior mortgage Similar MatchesMortgage typesMortgage typesFor example, repayment or interest. Or fixed, capped, tracker, discount or stepped rate etc. Council of Mortgage LendersCouncil of Mortgage LendersAn institution that sets out code a code of good practice which mortgage lenders volunteer to stick to - they are not regulated by the government. Interest only mortgagesInterest only mortgagesWith an interest-only mortgage, your monthly repayments to the lender consist only of interest on the total loan amount. The interest payments will vary depending on the interest rate being charged by the lender at the time. This type of mortgage involves paying the lowest possible monthly outlay to the lender, as no capital is included in the repayment. Instead of repaying the capital, regular payments are put aside in a suitable investment or savings plan. This grows cumulatively and assumptions are made regarding its growth in order to calculate a monthly repayment figure. If you are fortunate, the investment will accumulate at a higher rate than is required to pay back your loan on time, resulting in a cash surplus at the end of the term. This is not always the case however, and sometimes there can be a cash deficit at the end of the term. Senior mortgage bondSenior mortgage bondA mortgage bond which receives priority on the assets of a company over other bonds in the event of liquidation. 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. Further SuggestionsFederal Agricultural Mortgage Corporation (Farmer Mac)Chattel mortgage commercial mortgage Mortgage broker Pension mortgage remortgage Growing Equity Mortgage (GEM) Collateralized mortgage obligation (CMO) endowment mortgage Standing mortgage Take back mortgage Low start mortgage Mortgage advance Mortgage application Mortgage confirmation Mortgage Growing Equity Mortgage (gem) Foreign currency mortgage Adjustable Rate Mortgages (arms) Mortgage duration Mortgagee Consolidated mortgage bond First mortgage Mortgage REIT shared appreciation mortgage |
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