Interest Only Mortgage Loan definition

Interest Only Mortgage Loan. A Mortgage Loan for which an interest-only payment feature is allowed during the interest-only period set forth in the related Mortgage Note.

Interest Only Mortgage Loan. A Mortgage Loan that requires payments of interest only during its term and the entire original principal balance at maturity, and that does not amortize during its term.

Interest Only Mortgage Loan means a Mortgage Loan which only requires payments of interest for a period of time specified in the related Mortgage Note.

Examples of Interest Only Mortgage Loan in a sentence

• As to each adjustable rate Mortgage Loan, if the related Mortgage Interest Rate changes on an Adjustment Date or, with respect to an Interest Only Mortgage Loan, on an Adjustment Date following the related interest only period, the then outstanding principal balance will be reamortized over the remaining life of such Mortgage Loan.

• As to each adjustable rate Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage Note requires a monthly payment which is sufficient, during the period prior to the first adjustment to the Mortgage Interest Rate, to fully amortize the outstanding principal balance as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage Interest Rate.

• As to each Adjustable Rate Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage Note requires a monthly payment which is sufficient, during the period prior to the first adjustment to the Mortgage Interest Rate, to fully amortize the outstanding principal balance as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage Interest Rate.

• As to each Mortgage Loan that is not an Interest Only Mortgage Loan, each Mortgage Note requires a monthly payment which is sufficient, during the period prior to the first adjustment to the Mortgage Interest Rate, to fully amortize the outstanding principal balance as of the first day of such period over the then remaining term of such Mortgage Note and to pay interest at the related Mortgage Interest Rate.

• As to each Adjustable Rate Mortgage Loan, if the related Mortgage Interest Rate changes on an Adjustment Date or, with respect to an Interest Only Mortgage Loan, on an Adjustment Date following the related interest only period, the then outstanding principal balance will be reamortized over the remaining life of such Mortgage Loan.

More Definitions of Interest Only Mortgage Loan

Interest Only Mortgage Loan. A Mortgage Loan, which may be a Fixed-Rate Mortgage Loan or an Adjustable-Rate Mortgage Loan, that provides for scheduled payments solely of interest on one or more payment dates, and not for payment of any principal on such dates.

Interest Only Mortgage Loan. A Mortgage Loan that requires payment of interest only for a period of time specified on the related Mortgage Note. The interest-only period followed by full amortization of the remaining balance over the remaining duration of the loan.

Interest Only Mortgage Loan. A Mortgage Loan for which an interest-only payment feature is allowed during the interest-only period set forth in the related Mortgage Note. Investor: With respect to each MERS Designated Mortgage Loan, the Person named on the MERS System as the investor pursuant to the MERS Procedures Manual.

Interest Only Mortgage Loan. A Mortgage Loan wherein only monthly payments of interest accruing on the unpaid principal balance of such Mortgage Loan are due for a period of time as set forth on the related Mortgage Note, and the unpaid principal balance is amortized for the remaining term of the Mortgage Loan.

Interest Only Mortgage Loan means a nontraditional mortgage on which, for a specified number of years the borrower is required to pay only the interest due on the loan, during which time, the rate may fluctuate or may be fixed. After the interest only period, the rate may be fixed or fluctuate, based on the prescribed index, and payments include both the principal and interest.

Interest Only Mortgage Loan. A Mortgage Loan which initially requires the payment of interest only and thereafter requires the payment of principal and interest, in amounts adequate to fully amortize the outstanding principal balance over the remaining term.

Interest Only Mortgage Loan means an Eligible Asset that pays interest only during an initial period of no more than 10 years and then, following such initial period, fully amortizes during the remaining term.