Capped rate mortgage
The mortgage definition for Capped rate mortgage:
As with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.
Assumable mortgageAssumable mortgage
A mortgage that can be transferred to another borrower.
Balloon mortgageBalloon mortgage
A mortgage in which monthly installments are not large enough to repay the loan by the end of the term. As a result, the final payment due is the lump sum of the remaining principal.
Biweekly mortgageBiweekly mortgage
A mortgage that requires payments every two weeks and helps repay the loan over a shorter term.
Further Suggestions Blanket mortgage
Buy down mortgage
Cap & collar mortgage
Council of Mortgage Lenders
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