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Mortgage Loan
Basic concepts and legal regulationMortgage loan typesLoan to value and downpaymentsValue: appraised, estimated, and actualEquity or homeowners equityPayment and debt ratiosStandard or conforming mortgagesCapital and interestInterest onlyNo capital or interestInterest and partial capitalForeclosure and non recourse lendingUnited States mortgage processPredatory mortgage lendingOption ARMCostsThe United States mortgage finance industrySecond layer lenders in the USCompetition among US lenders for loanable fundsThe mortgage loans industry and marketMortgage typesUK mortgage processMortgage insuranceIslamic mortgages
Basic concepts and legal regulationMortgage loan typesLoan to value and downpaymentsValue: appraised, estimated, and actualEquity or homeowners equityPayment and debt ratiosStandard or conforming mortgagesCapital and interestInterest onlyNo capital or interestInterest and partial capitalForeclosure and non recourse lendingUnited States mortgage processPredatory mortgage lendingOption ARMCostsThe United States mortgage finance industrySecond layer lenders in the USCompetition among US lenders for loanable fundsThe mortgage loans industry and marketMortgage typesUK mortgage processMortgage insuranceIslamic mortgages
Competition among US lenders for loanable funds
To be able to provide homebuyers and builders with the funds needed, obligations, agency securities, and corporate debt. One of the greatest factors in recent years in the movement of deposits was the tremendous growth of money market funds whose higher interest rates attracted consumer deposits.To compete for deposits, US savings institutions offer many different types of plans:
* Passbook or ordinary accounts — permit any amount to be added to or withdrawn from the account at any time.
* NOW and Super NOW accounts — function like checking accounts but earn interest. A minimum balance may be required on Super NOW accounts.
* Money market accounts — carry a monthly limit of preauthorized transfers to other accounts or persons and may require a minimum or average balance.
* Certificate accounts — subject to loss of some or all interest on withdrawals before maturity.
* Notice accounts — the equivalent of certificate accounts with an indefinite term. Savers agree to notify the institution a specified time before withdrawal.
* Individual retirement accounts IRAs) and Keogh accounts—a form of retirement savings in which the funds deposited and interest earned are exempt from income tax until after withdrawal.
* Checking accounts — offered by some institutions under definite restrictions.
* Club accounts and other savings accounts—designed to help people save regularly to meet certain goals.