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
Acceptance of the borrower's loan application. Approval means that the borrower meets the lender's Qualification Requirements and also its Underwriting Requirements. In some cases, ...
The amount the borrower is obliged to pay each period, including interest, principal, and mortgage insurance, under the terms of the mortgage contract. Paying less than the scheduled ...
A documentation requirement where the applicant's assets are not disclosed. ...
A lender that provides loans through mortgage brokers or correspondents. ...
The monthly mortgage payment which, if maintained unchanged through the remaining life of the loan at the then-existing interest rate, will pay off the loan at term. ...
Also called variable or flexible rate mortgage, an adjustable rate mortgage (ARM) is a mortgage where the interest rate is not constant, but changes over time by the mortgage lender. ...
A mortgage Web site designed to provide leads to lenders. A 'lead' is a packet of information about a consumer in the market for a loan. Lenders pay for leads, and these sites are an ...
If you’re a student in medical school, a resident or a medically qualified doctor, you must know the definition of Physicians Mortgage Loan, also known as Doctor Loans. Why? Because, ...
The period between payment changes on an ARM, which may or may not be the same as the interest rate adjustment period. ...
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