Mortgage meaning

On This Page • What is mortgage recasting? • How mortgage recasting works • Mortgage recasting qualifications and availability • Mortgage recasting vs. refinancing • Pros and cons of mortgage recasting • How to calculate your mortgage recast • Should you recast your mortgage? • Frequently asked questions about recasting a mortgage • What is mortgage recasting? • How mortgage recasting works • Mortgage recasting qualifications and availability • Mortgage recasting vs. refinancing • Pros and cons of mortgage recasting • How to calculate your mortgage recast • Should you recast your mortgage? • Frequently asked questions about recasting a mortgage Want to shave dollars off your mortgage payments, as well as save money on interest? You might consider a mortgage recast. It’s fairly easy to do, and a relatively simple way to make your monthly payments more manageable. Of course, as with any financial strategy, there are caveats to consider — starting with the fact that it’ll require a big cash commitment up front. Let’s look at recasting mortgage loans, from what it is to what it can do for you. Key takeaways • Mortgage recasting lets you reduce your conventional loan repayments by making a large lump-sum contribution towards your principal. • Mortgage recasting results in smaller monthly payments on the same schedule. • Recasting is simpler and cheaper than refinancing, but it doesn’t alter your interest rate or shorten your loan term. What is mortgage recasting? Recasting your...

Noun Higher mortgage rates can sharply push up the monthly cost to buy a home, putting homeownership out of reach for some. — Gina Heeb, WSJ, 8 June 2023 Oklahoma City was the next most popular city among Gen Zers, with 22% of mortgage requests coming from the young generation. — Megan Cerullo, CBS News, 6 June 2023 New construction:The great housing inventory divide: New construction vs existing-homes Where are home prices headed? Generally speaking, high mortgage rates should prompt house prices to trend downward. — USA TODAY, 5 June 2023 Close to three-quarters of that consists of mortgage liabilities, which are underpinned by housing and real estate assets on the other side of that balance sheet. — Bychristiaan Hetzner, Fortune, 5 June 2023 Households repaid mortgage debt at an historic pace. — Gabriela Mello, Bloomberg.com, 2 June 2023 But as Americans have resumed dining out and taking vacations, and higher mortgage rates slowed the housing market, demand has receded. — Sydney Ember, New York Times, 2 June 2023 If a personal borrower’s credit rating drops, the interest rate that person would pay on a new car loan or a new mortgage would be higher. — Alison Dirr, Journal Sentinel, 2 June 2023 In 2012, Wells Fargo agreed to pay a $184 million settlement to homeowners after customers alleged the bank discriminated against qualified Black and Latino borrowers in its mortgage lending from 2004 through 2009. — Arcelia Martin, Dallas News, 31 May 2023 Verb Joe Wilson and Do...

WordReference English- Spanish Dictionary © 2023: Principal Translations Inglés Español mortgage n (for house) hipoteca nf Tom took out a mortgage and bought a house. Tom sacó una hipoteca y compró una casa. mortgage [sth] vtr (the house) hipotecar vtr Kate's dad mortgaged the house to pay for her wedding. El padre de Kate hipotecó la casa para pagar por la boda. Is something important missing? Report an error or suggest an improvement. Additional Translations Inglés Español mortgage n (monthly payment) pago mensual nm + adj Sarah had to pay her 800-dollar mortgage every month. Sara tenía que pagar su pago mensual de 800 dólares todos los meses. mortgage n (loan agreement) préstamo nm hipoteca nf The banker handled a lot of mortgages at work. El banquero manejaba muchos préstamos en el trabajo. mortgage n (debt) hipoteca nf deuda nf Richard had to take over his dad's mortgage when he died. Richard se tuvo que hacer cargo de la hipoteca de su padre cuando él murió. mortgage [sth] vtr figurative (future) ( figurado) hipotecar vtr vender vtr Ben mortgaged his future to help his friend. Ben hipotecó su futuro para ayudar a su amigo. Is something important missing? Report an error or suggest an improvement. WordReference English- Spanish Dictionary © 2023: Compound Forms: mortgage Inglés Español chattel mortgage (economics) hipoteca mobiliaria nf + adj equitable mortgage n (type of mortgage) hipoteca equitativa nf + adj first mortgage n (first lien position mortgage) primera hi...

Remember when you sat through your first required foreign language class in school and the vocabulary seemed so out of reach? Learning mortgage terms during the • 40% of those surveyed didn’t know any home buying terms. • Men were 1.2x more likely to get confused by home buying terms than women. • Millennials ages 25 – 34 were the least likely to know any home buying terms. • “Amortization” was the most confusing mortgage term for those surveyed, and “down payment” was the least confusing. Mortgage Terms Glossary: • • • • • • • • • • • • • • • • • • • • • • • • • • • Demographically, older people understand different home buying terms better than others. Baby boomers, who tend to have the most experience with home buying as they’re most likely to have purchased, sold and Although Gen Z is the furthest from the home buying process, their millennial counterparts were 4% less familiar with common mortgage terms than them. • 35% of women didn’t know any mortgage terms. • 41% of men didn’t know any of the terms. • Millennials ages 25 – 34 are the least likely to know home buying terms. • Baby boomers aged 65+ are the most familiar age group with mortgage terminology. People in the majority of the age groups understood what a “down payment” was, followed by knowledge of the terms “closing costs” and “annual percentage rate (APR).” • Only 9% of Gen Z ages 18 – 24 knew what a “down payment” • 34% of millennials ages 25 – 44 were familiar with the term “down payment.” • 18% of Gen ...

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For any number of reasons, homeowners may struggle with their mortgage payments. Falling behind on payments or missing payments, though, can lead to what’s called mortgage default. Once this happens, your house can go into foreclosure, and you may lose your home altogether. Below, you’ll find everything you need to know about mortgage default, how to avoid it and what you can do to help yourself if you’re in it. Mortgage default occurs when a homeowner fails to uphold the agreed-upon terms defined in their Other ways to break a home loan contract and send a mortgage into default include not paying Defaulting on a mortgage can result in one or both of the outcomes described next. The Lender Accelerates The Debt If you’re 30 days overdue on your last mortgage payment, the lender can demand payment on the outstanding balance by enacting an Your Home Goes Into Foreclosure If you’re unable to pay the outstanding balance, the lender’s next step is foreclosing on the home. This process usually isn’t instantaneous – federal law requires lenders to wait 120 days before beginning the foreclosure process (though the process varies from state to state). Once your lender completes the Check out the following ways to avoid defaulting on your mortgage. Evaluate Your Finances As soon as you start having issues paying your mortgage, come up with a plan. Whether that means finding a temporary or second job to help with income flow, evaluating your spending habits or dipping into savings, be...

It may surprise you to learn that the homebuying process is not over after you This is what’s known as a mortgage bond, and it’s a type of Key Takeaways: • A mortgage bond is a type of bond backed by mortgages, such as real estate. • Mortgage bonds provide liquidity to lenders, while borrowers can borrow larger amounts of money at a lower cost. • Mortgage bonds are safer than corporate bonds, but usually have a lower rate of return. Lenders sell a mortgage bond to real estate investors, who receive interest payments on mortgage loans until they are paid off. An investor has a claim on the assets put up as collateral, such as a house, and can repossess them in the event of a default. Since a group of assets secures mortgage-backed bonds, this offers some protection to the bondholder. If a borrower defaults on their mortgage, the bondholder can sell the collateral to ensure the principal gets paid. After a lender provides a mortgage loan to a borrower, the lender will then bundle the mortgage along with other mortgages and sell the grouping to federal government agencies, government-sponsored enterprises or investment banks. The enterprise or bank will purchase the bundle, group them with more mortgage loans into a “mortgage pool” and sell them to investors as mortgage bonds. Investors can earn a profit on mortgage bonds in two ways: • Appreciation: As with any investment security, a mortgage bond’s value can fluctuate. If you sell your mortgage bond when the value has appre...

History of the mortgage The modern Anglo-American mortgage is the direct descendant of a form of transaction that emerged in England in the later The common-law Initially, the common-law courts interpreted the conditions in mortgages strictly. In the 16th and 17th centuries, however, the English In the early modern period, security devices similar to Get a Britannica Premium subscription and gain access to exclusive content. Economic benefits of the mortgage The mortgage serves as a means of promoting the best use of society’s finite resources: people and land. It provides for the ready transferability of land and for the improvement or working of that land by those unable to buy the property with their current resources. An elderly farmer wishing to retire can sell the farm to a younger farmer; the latter can mortgage the property in order to pay the seller full value and obtain sufficient monies to carry out personal plans for the farm. Mortgages play an even more important role in maintaining the market in residential housing, since they permit individuals with relatively little personal credit to purchase a house by offering the house itself as security for the loan. In the see below), resulting in the global See also Types of residential mortgage In the United States residential mortgages may be classified according to the term of the loan (e.g., 15 years, 20 years, or 30 years); the amount of the required down payment on the property, expressed as a percentage of the...