|
|
Mortgage Banker |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Mortgage BankerA 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 MatchesJoint mortgageJoint mortgageA mortgage shared jointly between two people with the agreement that if one dies, the other automatically inherits their share. Wraparound mortgageWraparound mortgageA second mortgage that leaves the original mortgage in force. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments on both loans to the wraparound lender, which in turn makes payments on the original senior mortgage. Owner Will Carry MortgageOwner Will Carry MortgageA term used to indicate that the seller is willing to take back a purchase money mortgage. 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. Shared Appreciation Mortgage (SAM)Shared Appreciation Mortgage (SAM)A mortgage with a low rate of interest, offset by giving the lender some portion of the appreciation in the value of the underlying property. Further SuggestionsSecond mortgage lendingConsolidated mortgage bond Mortgage broker second mortgage Stepped discount mortgage Self amortizing mortgage shared appreciation mortgage Federal Home Loan Mortgage Corporation (FHLMC) Junior mortgage mortgage life insurance flexible mortgage account Private Mortgage Insurance (PMI) repayment mortgage Remortgage Graduated Payment Mortgage Chattel Mortgage Equity linked mortgage Flexible mortgage Mortgage application fee Mortgage Mortgage servicing Blanket Mortgage Equitable Mortgage Bi weekly mortgage loan Growing Equity Mortgage (GEM) |
|
|
|