mortgage interest rate
81Mortgage Forbearance Agreement — An agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the… …
82Mortgage Pool — A group of mortgages held in trust as collateral for the issuance of a mortgage backed security. Some mortgage backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae are known as pools themselves. These are the simplest form of… …
83Mortgage Recast — A feature in some types of mortgages where the remaining scheduled principal and interest payments are recalculated based on a new amortization schedule. Some mortgages may allow for a recast in order to help a financially distressed borrower, in …
84mortgage — 1 noun (C) 1 a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of years: Your building society or bank will help arrange a mortgage. | take out a… …
85Mortgage-Backed Revenue Bond — A type of municipal agreement that pays holders based on revenues generated from real estate. Financial institutions also typically offer these bonds at relatively low interest rates. Proceeds are used to provide funds to these institutions,… …
86Mortgage Application — A document submitted by one or more individuals applying to borrow money to purchase a real estate property. The mortgage application contains information about the property the potential borrowers want to purchase, such as its address, year… …
87mortgage pool — A group of mortgages with similar class, interest rate, and maturity characteristics. Bloomberg Financial Dictionary * * * Mortgages are packaged, or pooled, and securities are issued representing shares in the pool. The mortgages in a pool… …
88mortgage commitment — A formal written communication by a lender, agreeing to make a mortgage loan on specific property, specifying the loan s amount, length of time, and other conditions. Because of interest rate fluctuations, such commitments normally have time… …
89mortgage commitment — A formal written communication by a lender, agreeing to make a mortgage loan on specific property, specifying the loan s amount, length of time, and other conditions. Because of interest rate fluctuations, such commitments normally have time… …
90Rate lock — An agreement between the mortgage banker and the loan applicant guaranteeing a specified interest rate for a designated period, usually 60 days. The New York Times Financial Glossary …
