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.
First MortgageFirst Mortgage
A mortgage on property that is superior in position to any other mortgage.
Adjustable rate mortgage (ARM)Adjustable rate mortgage (ARM)
A mortgage that features predetermined adjustments of the loan interest rate at regular intervals based on an established index. The interest rate is adjusted at each interval to a rate equivalent to the index value plus a predetermined spread, or margin, over the index, usually subject to per-interval and to life-of-loan interest rate and/or payment rate caps.
Buy down mortgageBuy down mortgage
A home loan in which the lender receives a premium as an inducement to reduce the interest rate during the early years of the mortgage.
Interest only mortgageInterest only mortgage
A mortgage where regular payments (usually monthly) only meet the interest requirements. The interest rate is usually variable and linked to prevailing rates but can be fixed for a given period. The capital amount outstanding remains approximately the same and the borrower will need to make additional provision for repaying this amount at the end of the term of the loan.
Assumable mortgageAssumable mortgage
A mortgage that can be transferred to another borrower.
Further SuggestionsGrowing Equity Mortgage (GEM)
All inclusive Trust Deed (wrap around mortgage)
Federal Home Loan Mortgage Corporation (FHLMC)
General Mortgage Bond
Open end mortgage
mortgage agreement in principle
mortgage backed security
Lehman Brothers Mortgage Backed Securities Index
capped rate mortgage
Collateralized mortgage obligation (CMO)
Alternative mortgage instruments
Equity linked mortgage
Full status mortgage
Lifetime reverse mortgage
Take back mortgage
discounted rate mortgage
Mortgage reference fee