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Second mortgage lending |
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Second mortgage lendingLoans secured by real estate previously pledged in a first mortgage.Second mortgage lending Similar MatchesInterest only mortgageInterest only mortgageA mortgage where regular payments (usually monthly) only meet the interest requirements. The interest rate is usually variable and linked to prevailing rates but can be fixed for a given period. The capital amount outstanding remains approximately the same and the borrower will need to make additional provision for repaying this amount at the end of the term of the loan. Standing mortgageStanding mortgageAn interest only mortgage where no arrangements are made at the outset for the repayment of the loan. If a specific investment vehicle has not been arranged to provide funds for this purpose, the borrower will have to repay the loan by some other means. If the capital is not repaid, the lender can repossess the property and sell it to recover as much of the debt as possible. Senior mortgage bondSenior mortgage bondA bond that, in the event of bankruptcy, will be redeemed before any other bonds are repaid. Blanket MortgageBlanket Mortgage(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage". Mortgage confirmationMortgage confirmationWhen you get a written confirmation of your offer, you usually receive two things. Firstly, there will usually be some form of standard covering letter, thanking you for your hugely valued business and welcoming you into a family of customers that have their mortgage lender in common. In addition to the letter, you will receive a written mortgage confirmation. This will normally set out some of your personal details, some facts about the property, your salary details, your solicitors (if you have appointed them by this stage), and will require a signature. Further SuggestionsGrowing Equity Mortgage (gem)Chattel mortgage Shared Appreciation Mortgage (SAM) Mortgage REIT Stripped mortgage backed securities (SMBS) Growing Equity Mortgage (GEM) Mortgage Life Insurance remortgage shared appreciation mortgage Mortgage pipeline Assumable mortgage Mortgage arrears GEM (growing equity mortgage) Commercial Mortgage Backed Securities Mortgage deed Mortgage servicing Blanket mortgage Deferred interest mortgage Mortgage Broker senior mortgage bond One hundred percent mortgage First Mortgage Mortgage broker Mortgage pipeline risk mortgage backed security |
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