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
Capped rate mortgageCapped rate mortgage
As 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.
Mortgage BankerMortgage Banker
A company providing mortgage financing with its own funds rather than simply bringing together lender and borrower, as does a mortgage broker. Although the mortgage banker used its own funds, these funds are generally borrowed and the financing is either short term or, it long term, the mortgages are sold to investors (many times insurance companies) within a short time.
Reverse mortgageReverse mortgage
A mortgage agreement allowing a homeowner to borrow against home equity and receive tax-free payments until the total principal and interest reach the credit limit of equity, and the lender is either repaid in full or takes the house.
Self build mortgageSelf build mortgage
Mortgage for those who wish to build their own home, renovate or convert their existing home. Funds are normally released in stages as work progresses following a satisfactory progress report from an architect.
Mortgage brokerMortgage broker
A person or company engaged in the arrangement of mortgages for buyers. The broker is usually paid a commission by the lender.
Further SuggestionsInterest only mortgages
Council of Mortgage Lenders
graduated payment mortgage
Secondary Mortgage Market
flexible mortgage account
Mortgage interest deduction
Mortgage code arbitration scheme
Stripped mortgage backed securities (SMBS)
mortgage life insurance
One hundred percent mortgage
Shared Appreciation Mortgage (SAM)
Foreign currency mortgage
Secondary mortgage market
Deferred interest mortgage
Cap & collar mortgage
Direct Reduction Mortgage