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Mortgage deed |
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Mortgage deedThis is the agreement which explains the conditions of the mortgage (loan). It is a document to be signed by all parties to the remortgage on your property, and will be sent to HM Land Registry to register the remortgage.Mortgage deed Similar MatchesStepped discount mortgageStepped discount mortgageWhere the discount is, for example, fixed at one level for one year and then a slightly lesser level for two further years. Remember it is the percentage discount that is stepped and not the monetary amount, so your repayment can still vary. Assumable mortgageAssumable mortgageA mortgage that can be transferred to another borrower. Biweekly mortgage loanBiweekly mortgage loanA mortgage whereby the borrower makes a half monthly payment every two weeks instead of the usual 12 monthly payments. This arrangement results in 26 half monthly payments per year and a significant reduction in interest since an extra monthly payment is made. Mortgage indemnityMortgage indemnityA mortgage indemnity allows a mortgage lender to recover the costs incurred from a repossession by pursuing the former owner for the difference between a) what the property was sold for and b) what the former owner still owes under the mortgage.In effect, if you are unable to pay your mortgage, and your property is repossessed and sold, the lender can still chase you for a shortfall if the amount raised by the sale doesn't cover your debt.Some mortgage companies have insisted that borrowers take out an insurance policy to cover the potential liability - know as a mortgage indemnity guarantee. MIGs are most common where the deposit being put down by the mortgagor is less than 10% of the borrowed amount. Typically a MIG will add £1,600 to the cost of a £100,000 mortgage.MIGs have come in for a lot of bad publicity, and are not as common now as they used to be. Some lenders have abandoned them altogether. Growing Equity Mortgage (gem)Growing Equity Mortgage (gem)A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progress. Based on the theory of increasing income by the buyer and, therefore. ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest. Further SuggestionsBi weekly mortgage loanSelf certification mortgage Graduated Payment Mortgage Mortgage advance Lehman Brothers Mortgage Backed Securities Index Equity linked mortgage Renegotiable Rate Mortgage mortgage broker Cashback mortgages Second mortgage lending Stripped mortgage backed securities (SMBS) mortgage Repayment mortgage base rate tracker mortgage Multifamily mortgage Mortgage REIT Mortgage debt Mortgage duration Guarantee mortgage Federal National Mortgage Association Euro mortgage Wraparound mortgage Mortgage confirmation Growing Equity Mortgage (GEM) Wrap Around Mortgage |
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