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Stepped fixed rate mortgage |
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Stepped fixed rate mortgageWhere the interest is, for example, fixed at one level for one year and then a slightly higher level for two further years. This is not as common as finding stepped discounted mortgages.Stepped fixed rate mortgage Similar MatchesCashback mortgagesCashback mortgagesCashback mortgages provide you with a single lump sum of cash immediately on completion of the mortgage transaction. The amount of the lump sum is usually calculated as a percentage of the overall loan amount, though it can be a set figure. The percentage of the loan that is given as cashback can be as high as 5%, though amounts in the region of 1 to 3% are more common. Various different types of rate can come with cashback - capped, discounted, fixed and variable. There are also a lot of mortgages that award you three or four hundred pounds to go towards your solicitor's fees. Although this is a form of cashback, it would generally be classed as an incentive and not specifically as a cashback mortgage. Pension mortgagePension mortgageA type of interest-only mortgage where your mortgage payments are combined with payments into your personal pension fund. This is designed to mature on your retirement, so the mortgage loan term must end between the ages of 50 and 75 unless the borrower is in an industry where the Inland Revenue permits earlier retirement. The pension also needs to provide you with an income during retirement, so only twenty five percent of the pension fund can be taken as a lump sum to pay of your mortgage. Government National Mortgage Association (Ginnie Mae)Government National Mortgage Association (Ginnie Mae)A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA-guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages. Mortgage poolMortgage poolA group of mortgages with similar class, interest rate, and maturity characteristics. 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. Further Suggestionssenior mortgage bondFirst mortgage Open End Mortgage Federal Home Loan Mortgage Corporation (FHLMC) Mortgagee Mortgage Bonds Package mortgage Equitable Mortgage Graduated Payment Mortgage Growing Equity Mortgage (GEM) Mortgage REIT Private Mortgage Insurance (PMI) Equity linked mortgage Self amortizing mortgage Reverse mortgage Blanket Mortgage Federal National Mortgage Association Mortgage incentives Mortgage deed interest only mortgage Tracker mortgages base rate tracker mortgage Take back mortgage Wraparound mortgage Low start mortgage |
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