Mortgage Terms

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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.

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.

Primary Residential Mortgage Incorporated - Primary Residential Mortgage Incorporatedis an independent originator "direct lender" of residential mortgage loans. We underwrite, fund and sell our mortgage products to the top correspondent mortgage investors in the United States.

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

SWBC Mortgage - Provide insurance and financial services to business, individuals and families. Online mortgage loan application with pre-approval, mortgage calculators, tools and the comprehensive library of terms, and tips.

Three Rivers Mortgage - Offering home loans and mortgages in the South Carolina area. Information for first time home buyers, and a plain english glossary of mortgage terms.

Mortgage-X - Calculators, mortgage market trends, detailed information on various loan programs, articles and publications, a large vocabulary of mortgage terms.

Source: BazSites.com

Web Links

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