Mortgage Banker


 

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Mortgage Banker

A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker used its own funds, these funds are generally borrowed and the financing is either short term or, it long term, the mortgages are sold to investors (many times insurance companies) within a short time.



Mortgage Banker

Similar Matches

Purchase money mortgage

Purchase money mortgage

A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property.


Full status mortgage

Full status mortgage

A full status mortgage is for people who wish to make a lender aware of any previous arrears or debt problems they may have had. If they do not make the lender aware of these facts and they are latetr discovered, his could lead to all sorts of problems and the borrower could even be forced to sell the home. If you have a bad credit record some lenders will regard lending you money a high-risk activity. Many will not lend you money at all and when you can get a loan, you will undoubtedly have to pay a higher rate of interest than you would otherwise.


Wraparound mortgage

Wraparound mortgage

A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.


Self amortizing mortgage

Self amortizing mortgage

Mortgage whose entire principal is paid off in a specified period of time with regular interest and principal payments.


Mortgage agreement in principle

Mortgage agreement in principle

An expression of a mortgage lender's willingness to enter into an agreement subject to other conditions being met, such as credit checks and a satisfactory property valuation.


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