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Mortgage |
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MortgageThe name given to a loan used to buy a property.Mortgage(1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.MortgageA loan in which the borrower (the mortgagor) offers a property and land as security to the lender (the mortgagee) until the loan is repaid. Repayments of the loan are usually made on a monthly basis over a long period of time, typically 25 years. In the UK, the most common forms of mortgage are the repayment mortgage and the interest only mortgage.Similar MatchesRenegotiable Rate MortgageRenegotiable Rate MortgageA real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15 year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15). Graduated Payment MortgageGraduated Payment MortgageA mortgage or deed or trust calling for increasingly higher payments over the term of the loan. This allows the buyer low beginning payments. The payments then increase as (theoretically) the buyer's earnings increase. Base rate tracker mortgageBase rate tracker mortgageA mortgage in which the rate of interest paid by the borrower follows movements in the base rate. Lifetime reverse mortgageLifetime reverse mortgageA type of mortgage in which a homeowner borrows against the value a home, while retaining title, and making no payments while residing in the home. When the owner ceases living in the house, the property is sold, and the loan repaid. Fixed term reverse mortgageFixed term reverse mortgageA mortgage in which the lending institution provides payments to a homeowner for a fixed number of years. Further SuggestionsMortgage Companymortgage protection Foreign currency mortgage Open end mortgage variable rate mortgage Consolidated mortgage bond Federal National Mortgage Association Mortgage code arbitration scheme Wraparound mortgage Government National Mortgage Association Self amortizing mortgage Take back mortgage Self certification mortgage Freddie Mac (Federal Home Loan Mortgage Corporation) Mortgage broker Joint mortgage Federal National Mortgage Association (FannieMae) Mortgage incentives Equitable Mortgage Bi weekly mortgage loan Strip mortgage participation certificate (strip PC) First mortgage Private Mortgage Insurance (PMI) Purchase money mortgage Blanket mortgage |
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