Mortgage protection insurance is a great form of insurance to have if you have purchased a home or a vacation property, and if you still owe money on your mortgage. That is because mortgage protection insurance kicks in and pays your mortgage if for any reason you are unable to do so.
If you get injured and can’t work to pay the bills, mortgage protection insu... : Mortgage Protection Insurance
reverse annuity mortgage (RAM)
an alternative mortgage loan program in which the lender makes periodic payments to the borrower. The loan is secured by the borrower's accumulated equity in the home. This type of loan is usually taken out by an older, retired person who has substantially paid for a home, and now needs additional income to live on. The borrower receives periodic payments from the lender, or from an annuity set up with the proceeds from the loan. The owner continues to live in... : reverse annuity mortgage (RAM)
Conforming & Non-Conforming Mortgages
A conforming mortgage refers to a mortgage that is drawn up within the guidelines specified by the lending institutions referred to as Fannie Mae and Freddie Mac. The most common reason for a mortgage to be referred to as non-conforming is because the total amount of the mortgage exceeds the lending limits or total loan am... : Conforming & Non-Conforming Mortgages
Wraparound mortgage
A second mortgage which leaves the original mortgage in place. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments on both loans to the wraparound lender, who in turn makes payments on the original primary mortgage. ... : Wraparound mortgage
Buildings Insurance
Most lenders of mortgages insist that you have Bulidings Insurance as part of your agreement. Buildings insurance policies are usually index-linked, meaning they rise automatically every year to match the Retail Price Index (RPI). Buildings Insurance normally protects the structure of your home from: Severe Weather - Storms, Lightening, Floods. Theft and Vandalism. Fire, Smoke, Explosions. Subsidence. Burst Pipes. Civil Commotion. Water or Oil L... : Buildings Insurance
House Mortgage Rate Resources
Check out our great house mortgage rate information.
Secondary financing obtained by a borrower. They can be fixed in amount or take the form of a Home Equity Line of Credit, which is simply a revolving credit line secured by a house.Homeowners use these forms of financing to consolidate bills, do home renovations, put their kids through college, etc. They are tapping into the equity they have in their house to use for other things.This is not necessarily a great idea. You must take firm control of your fi... : Second Mortgages
Wraparound mortgage
A second mortgage which leaves the original mortgage in place. The wraparound mortgage is held by the lending institution as security for the total mortgage debt. The borrower makes payments on both loans to the wraparound lender, who in turn makes payments on the original primary mortgage. ... : Wraparound mortgage
Length of Second Mortgage
Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or two years because the monthly payments may be too high. ... : Length of Second Mortgage
adjustable rate mortgage
An adjustable rate mortgage or variable rate mortgage is a loan secured on a property (house) whose interest rate and so monthly repayment vary over time. Other forms of mortgage loan include interest only mortgage, fixed rate mortgage, discounted rate mortgage and balloon payment mortgage. Adjustable ... : adjustable rate mortgage
Industry Output Tepid, Consumers Downcast
By Ellen Freilich NEW YORK (Reuters) - Industrial production and consumer sentiment reports came in on the weak side on Friday, the latest data to support the view that higher oil prices could lead to slower U.S. growth in the second quarter. The Federal Reserve said U.S. industrial production rose 0.3 percent in March, as expected, but Febru... : Industry Output Tepid, Consumers Downcast
