Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Contributors in Mortgage

Mortgage

A clause in your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. The most common reasons for accelerating a loan are if the borrower defaults ...

Adjustable-rate mortgage

Real estate; Mortgage

A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indexes.

Assumable mortgage

Real estate; Mortgage

A mortgage that can be assumed by the buyer when a home is sold. Usually, the borrower must "qualify" in order to assume the loan.

Assumption

Banking; Mortgage

A method of selling real estate where the buyer of the property agrees to become responsible for the repayment of an existing loan on the property. Unless the lender also agrees, however, the seller ...

Amortisation schedule

Banking; Mortgage

A table showing the mortgage payment, broken down by interest and amortization, the loan balance, tax and insurance payments if made by the lender, and the balance of the tax/insurance escrow ...

Balloon mortgage

Banking; Mortgage

A mortgage that has level monthly payments that would fully amortise over a stated term, but which provides for a lump-sum payment to be due at the end of an earlier specified term.