Wrap Around Mortgage

 

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Wrap Around Mortgage

A 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

Similar Matches

Federal Home Loan Mortgage Corporation (FHLMC)

Federal Home Loan Mortgage Corporation (FHLMC)

See: Freddie Mac


Self certification mortgage

Self 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 mortgage

Portable mortgage

The mortgage can be transferred from one property to another without incurring penalties.


Mortgage Insurance

Mortgage 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 instruments

Alternative mortgage instruments

Variations of mortgage mortgage such as mortgage and variable-rate mortgages, mortgage, mortgage and several seldom-used variations.


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mortgage broker
GEM (growing equity mortgage)
Reverse annuity mortgages (RAM)
All inclusive Trust Deed (wrap around mortgage)
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Gnma (government National Mortgage Association) Options
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Self build mortgage
Chattel mortgage
Remortgage
One hundred percent mortgage
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adjustable rate mortgage
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Federal National Mortgage Association (FannieMae)
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Mortgage broker


 
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