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Wrap Around Mortgage |
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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 Similar MatchesMortgage lienMortgage lienThe unpaid balance on the mortgage loan. Cashback 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. Stripped mortgage backed securities (SMBS)Stripped mortgage backed securities (SMBS)Securities that redistribute the cash flows from the underlying generic MBS collateral into the principal and interest components of the MBS to enhance their attractiveness to different groups of investors. Capped rate mortgageCapped rate mortgageAs with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates. Biweekly mortgageBiweekly mortgageA mortgage that requires payments every two weeks and helps repay the loan over a shorter term. Further SuggestionsBi weekly mortgage loanMortgage application Private Mortgage Insurance (PMI) Gnma (government National Mortgage Association) Options Mortgage types Mortgage deed Collateralized mortgage obligation (CMO) base rate tracker mortgage H Hard Money Mortgage Repayment mortgage Federal Home Loan Mortgage Corporation (FHLMC) Mortgage Servicing mortgage protection Owner Will Carry Mortgage senior mortgage bond mortgage agreement in principle Mortgage payment protection insurance (MPPI) Mortgage broker Growing Equity Mortgage (gem) Shared appreciation mortgage Self amortizing mortgage Equitable Mortgage capped rate mortgage Mortgage arrears Mortgage pool |
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