A shopping center or office building tenant that is large enough, old enough, and financially strong enough to be rated at least investment grade by one of the major credit rating services. A property leased to such a tenant may obtain mortgage financing underwritten on the basis of the tenant's likelihood of honoring its lease.
A quasi-governmental organization that is privately owned but retains certain privileges as it was created by the government. Examples include the Federal National Mortgage Association (FNMA) and the Federal Home Loan Mortgage Corporation (FHLMC).
Mortgage discount refers to the amount of principal that lenders deduct at the beginning of a loan as part of the loan agreement terms, which is often linked to discount points.
A package mortgage is an arrangement whereby the principal amount loaned is increased because personalty, such as appliances, as well as realty, serve as collateral.
The specific date on which the interest rate of an Adjustable-Rate Mortgage (ARM) can be recalibrated as per predetermined terms.
A purchase money mortgage is a loan provided by the seller of a property to the buyer as an alternative to traditional mortgage financing. This option facilitates property sales in scenarios where obtaining a conventional loan is challenging.
