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GLOSSARY OF MORTGAGE TERMS

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VARIABLE RATE:
A MORTGAGE WHERE INTEREST RATES FLUCTUATE FROM MONTH TO MONTH. MOST VARIABLE RATE MORTGAGES ARE OPEN MORTGAGES.

VENDOR TAKE BACK:
THE VENDOR RETAINS AN INTEREST BY WAY OF A MORTGAGE FROM THE PURCHASER FOR THE BALANCE OF FUNDS OWING TO THE VENDOR UPON CLOSING.

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Glossary of Terms
   

*Mortgage Edge assumes no responsibility for the use or application of any comments and/or formulas on this site. Any areas concerning taxes, investments,mortgages, insurance or specific legal situations should be referred to lawyers, accountants, financial consultants, realtors or other licensed professionals, qualified or authorized to render such advice. Additionally, all concierge services are paid advertisers, and Mortgage Edge does not warrant or guarantee any work provided. All Rates are subject to change without notice and may vary based on individual application. O.A.C. Fees may apply in some circumstances on unqualified transactions.


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