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Mortgage Banker |
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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 MatchesInterest 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. Federal National Mortgage Association (FannieMae)Federal National Mortgage Association (FannieMae)A publicly owned, government-sponsored corporation chartered in 1938 to purchase mortgages from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages mortgages backed by the Federal Housing Administration, but also sells some nongovernment-backed mortgages. Pension mortgagePension mortgageA type of interest-only mortgage where your mortgage payments are combined with payments into your personal pension fund. This is designed to mature on your retirement, so the mortgage loan term must end between the ages of 50 and 75 unless the borrower is in an industry where the Inland Revenue permits earlier retirement. The pension also needs to provide you with an income during retirement, so only twenty five percent of the pension fund can be taken as a lump sum to pay of your mortgage. 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. Self amortizing mortgageSelf amortizing mortgageMortgage whose entire principal is paid off in a specified period of time with regular interest and principal payments. Further SuggestionsCooperative mortgagesMortgage Full status mortgage Mortgage term Repayment mortgage Gnma (government National Mortgage Association) Options Secondary Mortgage Market Lehman Brothers Mortgage Backed Securities Index biweekly mortgage loan GEM (growing equity mortgage) Mortgage Servicing Mortgage application fee Mortgage application Veterans Administration (VA) mortgage Mortgage types mortgage life insurance Mortgage arrears graduated payment mortgage MIG Mortgage Indemnity Guarantee Non status mortgage Mortgage pool endowment mortgage Self build mortgage Wrap Around Mortgage Mortgage servicing |
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