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Residential Mortgage
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A residential mortgage is a mortgage loan for residential property, generally for a no more than 4 family property. Many types of residential mortgages are available and the diversity of options has increased in recent years. Residential mortgage options included both the fixed rate and adjustable rate mortgage. A residential mortgage can be a fully amortizing conventional mortgage, as well as a negative amortization, interest only, or balloon payment loan. A residential mortgage can be either a private loan, or backed by the government in the case of FHA and VA loans. Today, it is very common to refinance the residential mortgage, perhaps substituting one type of loan for another. In some years, residential mortgage refinance volume far exceeds new purchase volume. The US residential mortgage market is enormous, with trillions of dollars of mortgage debt outstanding. Much of this residential mortgage debt has been securitized and sold to investors in the form of mortgage-backed securities. |
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