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The lender may promise one type of loan or interest rate but, without good reason, gives you a different one. Sometimes a higher (and unaffordable) interest rate doesn't kick in until months after you have begun to pay on your loan.
- Browse Related Terms: "Bait-and-switch" schemes, Alt-A Mortgages, Balloon Payment, cash-out refinancing, Collections, Delinquency, Home improvement scams, Loan flip, Loan modification, Mortgage Modification, Prepayment penalty, Prime, Prime Mortgages, Refinance, Subprime, Subprime Mortgages
All > Business > Finance > Personal Finance > Mortgage
A mortgage with periodic installments of principal and interest that do not fully amortize the loan. The balance of the mortgage is due in a lump sum at a specified date, usually at the end of the term.
a mortgage loan that requires a large payment due upon maturity (for example, at the end of ten years).
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Adjustable-Rate Mortgage (ARM), amortization, balloon mortgage, Convertible ARM, Debarment, Fixed-Rate Mortgage (FRM), Interest-only mortgage, Lock-In, Lock-in agreement, Mortgage life insurance, Negative amortization, Payment Cap, Right of rescission, Self-Amortizing Loans, Swap, term, Weighted Average Life (WAL)
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All > Business > Finance > Personal Finance > Mortgage
A payment the borrower must make to the lender at the mortgage term’s end. This final payment is comparatively much larger than the payments that preceded it.
- Browse Related Terms: "Bait-and-switch" schemes, Alt-A Mortgages, Balloon Payment, cash-out refinancing, Collections, Delinquency, Home improvement scams, Loan flip, Loan modification, Mortgage Modification, Prepayment penalty, Prime, Prime Mortgages, Refinance, Subprime, Subprime Mortgages
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All > Business > Finance > Personal Finance > Mortgage
The person named or otherwise designated in a trust deed as the person for whose benefit a trust deed is given, or his successor in interest, and who shall not be the trustee.
- Browse Related Terms: agent, Beneficiary, Co-Homeowners, Deed, Default, Grantor, Negative Equity, Real property, Title, trust, trust deed, Trustee
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All > Business > Finance > Personal Finance > Mortgage
For banks and thrifts, a branch office is an office approved as a branch by a supervisory agency. For credit unions, a branch office is any office where member accounts are established or loans are made, whether or not the office has been approved as a branch by a federal or state agency. A branch office does not include offices of affiliates or loan brokers, offices of the institution where loan applications are merely taken, or ATMs and other electronic terminals.
For mortgage companies and other nondepository institutions, a branch office is an office where the institution takes applications from the public for home purchase or home improvement loans or refinancings. Those institutions also are considered to have a branch office in any MSA where, in the preceding year, they received applications for, originated, or purchased five or more home purchase or home improvement loans or refinancings (whether or not they had a physical office there).
- Browse Related Terms: Agency Code, Branch Office, Capitalization, Depository Institution, Federal Financial Institutions Examination Council (FFIEC), Federal Home Loan Bank Act of 1932, Federal Home Loan Bank Board (“FHLBank Board”), Federal Home Loan Banks (FHLBanks), Federal Housing Administration (FHA), Federal Savings and Loan Insurance Corporation (FSLIC), FHA Approved Lenders, Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), Nondepository Institution, Respondent or Reporter ID (RID), Thrift