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Owner Will Carry Mortgage |
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Owner Will Carry MortgageA term used to indicate that the seller is willing to take back a purchase money mortgage.Owner Will Carry Mortgage Similar MatchesGeneral Mortgage BondGeneral Mortgage BondIn the US, this refers to a bond that is secured by a blanket mortgage on the issuing company's property, though it may be outranked by one or more other mortgages. Repayment mortgageRepayment mortgageA mortgage where throughout the term, regular payments (usually monthly) are made to partly repay interest on the capital and to partly repay the capital itself (the amount of the loan).Initially the largest proportion of the repayments will be used to pay interest since the capital amount outstanding is at its highest value. Therefore over the initial years the capital will not reduce very much. However as the years proceed more and more of the monthly repayments will be applied to reducing the capital until towards the end of the term the large proportion will be paying off capital and a small proportion paying interest.In the event that interest rates rise then often the monthly repayments will rise accordingly. Alternatively, to keep the same monthly repayments the term will need to be extended. If interest rates fall then the reverse applies. It is usually a requirement of the lender (that is, a building society or bank) providing the mortgage that the borrower takes out life assurance so that repayment is made in the event of his/her death during the term. Index tracker mortgageIndex tracker mortgageThe interest rate tracks an index such as the base rate or LIBOR and often has a set percentage added to it. Reverse annuity mortgages (RAM)Reverse annuity mortgages (RAM)Bank loan for an amount equal to a percentage of the appraisal value of the home. The loan is then paid to the homeowner in the form of an annuity. Self build mortgageSelf build mortgageMortgage for those who wish to build their own home, renovate or convert their existing home. Funds are normally released in stages as work progresses following a satisfactory progress report from an architect. Further SuggestionsOpen End MortgageFixed term reverse mortgage Package mortgage Mortgage advance Capped rate mortgage Mortgage Broker mortgage life insurance Tracker mortgages First Mortgage Chattel Mortgage Mortgage confirmation adjustable rate mortgage remortgage Standing mortgage Mortgage Life Insurance Mortgage Bonds Secondary Mortgage Market Collateralized mortgage obligation (CMO) Veterans Administration (VA) mortgage endowment mortgage Chattel mortgage biweekly mortgage loan reverse annuity mortgage Secondary mortgage market MIG Mortgage Indemnity Guarantee |
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