This is a mortgage that is amortized for a longer period of time than the term. This final payment is known as a balloon payment. Blanket Mortgage A mortgage covering at least two pieces of real estate for the same mortgage. Borrower Person who applies for and receives a mortgage with the intention of repaying the mortgage in full. A professional in the business of assisting in the funding or negotiating of mortgages for a client but who does not loan the money themselves.
Brokers usually charge a fee or receive commission for their services.
When the lender subsidizes the mortgage by lowering the interest rate during the first few years of the loan. While payments are initially low, they will increase when the subsidy expires. The amount of cash derived over a certain period of time from an income-producing property, such as a rental. Interest Caps Consumer safeguards which limit the amount of interest rate on an adjustable rate mortgage which may change per year over the life of the loan. Closing The meeting or settlement between the buyer, seller and lender or their real estate agents where the property and funds change hands.