Mortgage Banker

Top Articles

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, Negative amortization mortgage, discounted rate mortgage and balloon payment mortgage.

Mortgage Life Insurance - Mortgage Life Insurance is a form of insurance specially designed to protect a repayment mortgage. If the policyholder were to die whilst the mortgage life insurance was in force, the policy will pay out a capital sum that will be just sufficient to repay the outstanding repayment mortgage.

Wraparound mortgage - A wraparound is a way of lowering the barriers of entry to a junior lien or subordinate mortgage; it also expedites process of purchasing a home. A junior lien or subordinate mortgage is a second mortgage that generally sits behind larger first mortgage.

Reverse mortgage - A reverse mortgage (known as equity withdrawal in the United Kingdom) is a type of loan available to older people, used as a way of converting their home equity (the value of the home, minus the amount of mortgages) into cash payments while retaining ownership of the property. To qualify for a reverse mortgage in the United States, the borrower must be at least 62 and be able to pay off an existing mortgage with the proceeds from the reverse mortgage and if needed, additional personal funds.

Suggested Web Sites

Mortgage Source of NJ, LLC - Licensed mortgage bankers with State of New Jersey offering first and second mortgage originators of Fannie Mae, Freddie Mac and FHA Mortgage Loans.

Mortgage Bankers Association of Louisville - Local chapter of the Mortgage Bankers Association, with a mission to promote the interest of those lending money upon real estate and of those in the business of buying and selling mortgages secured by real estate.

Old Merchants Mortgage Bankers - A full service mortgage banker.

Source: BazSites.com

Web Links

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