Nontraditional mortgage definition
Nontraditional mortgage means a mortgage other than a 30-year fixed-rate mortgage or a mortgage that the director by rule defines as a nontraditional mortgage.
Nontraditional mortgage means any residential mortgage loan product that allows the borrower to defer repayment of principal or interest. This includes all interest only products, payment option adjustable rate mortgages, and negative amortization mortgages, with the exception of a reverse mortgage and home equity line of credit, other than a simultaneous second-lien loan.
Nontraditional mortgage means a debt that is secured by a mortgage or trust deed
More Definitions of Nontraditional mortgage
Nontraditional mortgage means any mortgage product other than a 30-year fixed rate mortgage.
Nontraditional mortgage means a mortgage other than a 30-year fixed-rate mort-
Nontraditional mortgage means a mortgage other than a 30-year fixed-rate mortgage or a
Nontraditional mortgage means any residential mortgage loan product that allows the borrower to
Nontraditional mortgage means any residential mortgage loan product that allows the borrower to defer repayment of principal and/or interest. This includes, without limitation, all interest-only residential mortgage products, payment option adjustable rate mortgages, and negative amortization mortgages, with the exception of a reverse mortgage and home equity line of credit, other than a simultaneous second-lien loan. Nontraditional mortgages do not include temporary loans or construction loans.