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Mortgage Bonds |
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Mortgage BondsBonds issued by corporations, which offer first mortgages on real property of the corporation as security for the payment of the bonds.Mortgage Bonds Similar MatchesPension mortgagePension mortgageA type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is (and must be) used to provide a pension. Throughout the mortgage term the borrower pays interest to the lender such as a building society or bank whilst additionally making payments into the pension scheme. Tax relief is allowable on both the interest payments to the lender and on the contributions to the pension scheme which makes this type of plan attractive. Self amortizing mortgageSelf amortizing mortgageMortgage whose entire principal is paid off in a specified period of time with regular interest and principal payments. Real Estate Mortgage Investment Conduit (REMIC)Real Estate Mortgage Investment Conduit (REMIC)A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. A financing vehicle created under the Tax Reform Act of 1986. Wrap Around MortgageWrap Around MortgageA second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing. Deferred interest mortgageDeferred interest mortgageInterest is not paid during the deferral period. When the period is over, the accumulated interest is added to the original loan. Some lenders add this interest to the total of your loan to give a new loan figure and new interest payments. Others calculate your interest payments on the original loan as normal and then spread the repayment of the deferred interest over a set period of time. The latter method is better for you, as adding the deferred interest to the loan means you end up paying interest on the deferred interest! Further Suggestionsvariable rate mortgagerepayment mortgage mortgage life insurance Mortgage incentives Stepped fixed rate mortgage Equity linked mortgage discounted rate mortgage Take back mortgage Capped rate mortgage Mortgage Life Insurance Wraparound mortgage Reverse annuity mortgages (RAM) Second mortgage lending Self certification mortgage biweekly mortgage loan Interest only mortgages Mortgage deed Freddie Mac (Federal Home Loan Mortgage Corporation) mortgage broker Wholesale mortgage banking Alternative mortgage instruments Joint mortgage Index tracker mortgage Second Mortgage Foreign currency mortgage |
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