|
|
Non status mortgage |
|
|
|
 Home Site Map Add Term Search About Us Contributors |
Non status mortgageMainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: self-employed and unsalaried company directors, contract workers (increasingly common in technology-based industries), commission-based workers (often in sales, recruitment etc.), people with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.Non status mortgage Similar MatchesFreddie Mac (Federal Home Loan Mortgage Corporation)Freddie Mac (Federal Home Loan Mortgage Corporation)A Congressionally chartered corporation that purchases residential mortgages in the secondary market from S&Ls, banks, and mortgage bankers and securities these mortgages for sale in the capital markets. Mortgage agreement in principleMortgage agreement in principleAn expression of a mortgage lender's willingness to enter into an agreement subject to other conditions being met, such as credit checks and a satisfactory property valuation. Federal Agricultural Mortgage Corporation (Farmer Mac)Federal Agricultural Mortgage Corporation (Farmer Mac)A federal agency chartered in 1988 to provide a secondary market for farm mortgage loans. Mortgage pipeline riskMortgage pipeline riskThe risk associated with taking applications from prospective mortgage borrowers who may opt to decline to accept a quoted mortgage rate within a certain grace period. Delinquent mortgageDelinquent mortgageA mortgage that involves a borrower who is behind onpayments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings. Further SuggestionsMortgage BrokerFederal Home Loan Mortgage Corporation (FHLMC) Blanket Mortgage Mortgage broker Capped rate mortgage Insured Mortgage Remortgage Real Estate Mortgage Investment Conduit (REMIC) Repayment mortgage mortgage Collateralized mortgage obligation (CMO) Mortgage Bonds Second mortgage lending Adjustable Rate Mortgages (arms) Portable mortgage Euro mortgage reverse annuity mortgage Direct Reduction Mortgage H Hard Money Mortgage Residential mortgage Open end mortgage Index tracker mortgage Guaranteed Mortgage Certificates (GMC) Shared Appreciation Mortgage (SAM) mortgage interest relief at source |
|
|
|