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 ?
Community 100 and Working Mortgage are service marks of Fannie Mae; HomeStyle is a registered service mark of Fannie Mae.
Community 100, Working Mortgage and Timely Payment Rewards are service marks of Fannie Mae; Homestyle is a registered service mark of Fannie Mae.
The Working Mortgage is an excellent choice for many borrowers - offering easy to qualify guidelines, faster equity accumulation, and the ability to easily manage a financial budget by automatically deducting a portion of the mortgage payment from the borrower's checking or savings account at the same time the paycheck is deposited.
The Working Mortgage allows for mortgage payment deductions to coincide with the borrower's paycheck.
For loans with two borrowers, the Working Mortgage can accommodate different payment cycles, with a customer-specified percentage deducted from each borrower.
The Working Mortgage allows borrowers to purchase a home with a lower down payment and helps home buyers build equity faster through payments automatically deducted from their checking or savings accounts.
For loans with two borrowers, the Working Mortgage can accommodate two different payment cycles, with a customer specified percentage deducted from each borrower.
For example, on a $100,000 mortgage with bi-weekly deductions, this rapid equity appreciation would translate into $4,000 of additional housing wealth for the borrower after the first five years of the Working Mortgage, and almost $10,000 within 10 years.
The Working Mortgage allows borrowers to purchase a home with a lower down payment and helps home buyers build equity faster through weekly or bi-weekly payments automatically deducted from their checking or savings accounts.
The Working Mortgage is available through the National City Bank of Pennsylvania.
Borrowers can benefit from additional underwriting flexibilities and build up equity in their home faster by obtaining the Working Mortgage, a new product introduced today by Fannie Mae (NYSE:FNM), the nation's largest source of financing for home mortgages.
The product, to be known as the Working Mortgage during its pilot phase, sets up an automatic deduction of the mortgage payment that matches the timing of the borrower's weekly or biweekly paycheck.