Wrap Around Mortgage
Wrap Around MortgageA second or junior mortgage with a face value of both the amount it secures and the balance due under the first mortgage. The mortgagee under the wrap-around collects a payment based on its face value and then pays the first mortgagee. It is most effective when the first has a lower interest rate than the second, since the mortgagee under the wrap-around gains the difference between the interest rates, or the mortgagor under the wrap-around may obtain a lower rate then if refinancing.
Wrap Around Mortgage
Federal Home Loan Mortgage Corporation (FHLMC)Federal Home Loan Mortgage Corporation (FHLMC)
See: Freddie Mac
Self certification mortgageSelf certification mortgage
Mainly 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.
Portable mortgagePortable mortgage
The mortgage can be transferred from one property to another without incurring penalties.
Mortgage InsuranceMortgage Insurance
Insurance written by a private mortgage insurance company (referred to as an 'PIC') protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage of the sale price. The Federal Government writes this form of insurance through the FHA and the VA.
Alternative mortgage instrumentsAlternative mortgage instruments
Variations of mortgage mortgage such as mortgage and variable-rate mortgages, mortgage, mortgage and several seldom-used variations.
Further SuggestionsBalloon mortgage
GEM (growing equity mortgage)
Reverse annuity mortgages (RAM)
All inclusive Trust Deed (wrap around mortgage)
Federal National Mortgage Association
Equity linked mortgage
Gnma (government National Mortgage Association) Options
Self build mortgage
One hundred percent mortgage
Veterans Administration (VA) mortgage
adjustable rate mortgage
Mortgage cash surplus
Federal National Mortgage Association (FannieMae)
Owner Will Carry Mortgage
Fixed term reverse mortgage
Bi weekly mortgage loan
base rate tracker mortgage
Wholesale mortgage banking