Mortgage Bank
Definition of "Mortgage Bank"
Same as term Mortgage Company: A mortgage lender that sells all the loans it originates in the secondary market.
Popular Mortgage Terms
The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal. ...
A multi-lender Web site that offered borrowers the capacity to shop among multiple competing lenders. ...
A sale price below market value, where the difference is a gift from the sellers to the buyers. Such gifts are usually between family members. Lenders will usually allow the gift to count ...
The month in which a zero loan balance is reached. The payoff month may or may not be the loan term. ...
An option attached to a mortgage, which allows the borrower to pay only the interest for some period. A mortgage is 'interest only' if the monthly mortgage payment does not include any ...
A lender who specializes in lending to sub-prime borrowers. ...
The number of months for which the initial interest rate holds on an ARM. ...
Mortgages typically amortize over time through fixed value installment payments. However, there's a type of mortgage that doesn't: the Balloon Mortgage. It's called this way because, with ...
The method of financing used when a borrower contracts to have a house built, as opposed to purchasing a completed house. Construction can be financed in two ways. One way is to use two ...
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