working mortgage

working mortgage

A Fannie Mae product employing electronic payment and mortgage terms synchronized with a borrower's schedule of payroll deposits.Whether a borrower is paid weekly,or twice monthly, mortgage payments can be calculated for that time period and automatically deducted from the borrower's bank account on the day after electronic deposit of the paycheck.It assists the borrower with a more levelized budgeting process and will lead to a faster payoff of the loan because of the effective addition of one payment period each year and the decreased amount of time on which interest is paid.

References in periodicals archive ?
He said 30% of the properties would be 'for low-cost home ownership at a working mortgage of PS60 a week', adding it would take young people off the council's housing waiting list and free up social housing elsewhere.