Growing Equity Mortgage (gem)
The definition for Growing Equity Mortgage (gem):
A fixed rate, graduated payment loan allowing low beginning payments and a shorter term because of higher payments as the loan progress. Based on the theory of increasing income by the buyer and, therefore. ability to make higher future payments. When state law applies, usury laws in some states may not presently allow such loans when less than interest only payments create interest on interest.
Adjustable Rate Mortgages (arms)Adjustable Rate Mortgages (arms)
Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Mortgage Loans (AML'S), Flexible Rate Loans, Variable Rate Loans.
All inclusive Trust Deed (wrap around mortgage)All inclusive Trust Deed (wrap around mortgage)
A financing technique which involves the creation of a new trust deed which includes the balance due on the existing note plus any new funds advanced.
Blanket MortgageBlanket Mortgage
(1) A mortgage covering more than one property of the mortgagor, such as a mortgage covering all the lots of a builder in a subdivision. (2) A mortgage covering all real property of the mortgagor, both present and future. When used in this meaning it is also called a "general mortgage".
Further Suggestions Direct Reduction Mortgage
Federal National Mortgage Association
Gnma (government National Mortgage Association) Options
Graduated Payment Mortgage
H Hard Money Mortgage
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