Shared Appreciation Mortgage (SAM)
A mortgage on which the borrower gives up a share in future price appreciation in exchange for a lower interest rate and/or interest deferral. SAM's in the private market had a brief flurry in the early '80s but died out quickly and an attempt to revive them in 2000 was unsuccessful. Some cities on the West Coast offer second mortgage SAM's to residents with incomes below some maximum. Reverse mortgage SAM's have also appeared in small numbers.
Popular Mortgage Terms
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash ...
The initial interest rate on an ARM, when it is below the fully indexed rate. ...
A payment made after the grace period stipulated in the note, usually 10-15 days. ...
A comprehensive and time-adjusted measure of loan cost to the borrower. IC on a Mortgage: IC is what economists call an 'internal rate or return.' It takes account of all payments made by ...
Interest from the day of closing to the first day of the following month. To simplify the task of loan administration, the accounting for all home loans begins as if the loan was closed ...
Belief that there is a special way to pay down the balance of a home mortgage faster, if you know the secret. ...
A borrower who doesn't pay. ...
On an ARM, the assumption that the interest rate rises to the maximum extent permitted by the loan contract. ...
A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
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