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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 MatchesRemortgageRemortgageThe arranging of alternative finance for the purchase of a property which is already mortgaged. For example obtaining a mortgage with a lower interest rate to replace the existing mortgage. Mortgage cash surplusMortgage cash surplusMoney left over at the end of a mortgage term, over and above the amount required to pay back the debt. 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. Discounted rate mortgageDiscounted rate mortgageA mortgage which guarantees the interest rate charged will remain a set number of percentage points below the lender's standard variable rate. The rate changes as base rate moves up and down, but the relationship between base rate and the rate you pay remains constant. Private Mortgage InsurancePrivate Mortgage InsuranceInsurance against a loss by a lender in the event of default by a borrower (mortgagor). The insurance is similar to insurance by a governmental agency such as FHA, except that it is issued by a private insurance company. The premium is paid by the borrower and is included in the mortgage payment. Further SuggestionsPurchase money mortgageChattel Mortgage Mortgage interest deduction Owner Will Carry Mortgage General Mortgage Bond Remortgage Insured Mortgage Mortgage Company Full status mortgage Biweekly mortgage senior mortgage bond Blanket Mortgage Mortgage Life Insurance Government National Mortgage Association Variable rate mortgages Mortgage Servicing Mortgagee Growing Equity Mortgage (gem) Bi weekly mortgage loan Mortgage pipeline Guaranteed Mortgage Certificates (GMC) Second mortgage lending reverse annuity mortgage repayment mortgage Mortgage debt |
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