Bi-Weekly Mortgage Loan: A mortgage loan on which interest and principal payments are made every half-month (total of 26 payments) as opposed to monthly payments. This results in earlier loan retirement.

 

Related Words

Bi-Weekly Mortgage Loan: A mortgage loan on which interest and principal payments are made every half-month (total of 26 payments) as opposed to monthly payments. This results in earlier loan retirement.

Open End Mortgage: A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.

Nonrecourse Loans: Farmers or processors participating in government commodity programs may pledge certain stored commodities as collateral and obtain a loan from the CCC at a commodity-specific, per-unit loan . . . View Full Definition

Nonrecourse Loan: A loan taken by limited partners used to finance their portion of the partnership, which is secured by their ownership in the venture.

Open-End Loan: A loan that permits the borrower to draw money from time to time up to a credit limit. A home equity line of credit (HELOC) is an open-end loan secured by a home.

Open-End Mortgage: Mortgage against which additional debts may be issued. Related: Closed-end mortgage.

Package Mortgage: A mortgage on a house and property in the house.

Package Loan: A real estate loan used to finance the purchase of both real property and personal property, such as in the purchase of a new home that includes carpeting, window coverings and major appliances.

Nonpurpose Loan: A loan with securities pledged as collateral, but which is not to be used in securities trading or transactions.

Parallel Loan: A process whereby two companies in different countries borrow each other's currency for a specific period of time, and repay the other's currency at an agreed maturity for the purpose of red . . . View Full Definition