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79-540: SS Ellengowan was a schooner rigged, single screw steamer built by Akers Mekaniske Verksted in Christiania ( Oslo ) Norway , under her original name, Nøkken . The vessel was powered by sail and a vertical direct acting steam engine . Ellengowan sank at its moorings, unmanned, during the night of 27 April 1888 in Port Darwin and was abandoned. 103 years later, in 1991, she was discovered by divers making it

158-462: A floating rate or variable rate mortgage ). In some countries, such as the United States, fixed rate mortgages are the norm, but floating rate mortgages are relatively common. Combinations of fixed and floating rate mortgages are also common, whereby a mortgage loan will have a fixed rate for some period, for example the first five years, and vary after the end of that period. The charge to

237-436: A hypothec loan , is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured " on the borrower's property through a process known as mortgage origination . This means that a legal mechanism is put into place which allows the lender to take possession and sell

316-458: A personal equity plan (PEP) mortgage, Individual Savings Account (ISA) mortgage or pension mortgage . Historically, investment-backed mortgages offered various tax advantages over repayment mortgages, although this is no longer the case in the UK. Investment-backed mortgages are seen as higher risk as they are dependent on the investment making sufficient return to clear the debt. Until recently it

395-454: A quarantine hulk for Chinese passengers from Hong Kong to make up the 21 days port before being allowed to land. Being in such poor condition, Ellengowan sank at its mooring off Channel Island, unmanned, during the night of 27 April 1888 and was abandoned. The Ellengowan shipwreck was discovered in 1991 by local scuba divers following the assistance of historical research conducted by Margaret Clinch. The shipwreck's discovery and identity

474-401: A sloop rig is simpler and cheaper, the schooner rig may be chosen on a larger boat so as to reduce the overall mast height and to keep each sail to a more manageable size, giving a mainsail that is easier to handle and to reef. An issue when planning a two-masted schooner's rig is how best to fill the space between the masts: for instance, one may adopt (i) a gaff sail on the foremast (even with

553-496: A standard form contract Multistate Fixed-Rate Note 3200 and also separate security instrument mortgage forms which vary by state. In Canada, the Canada Mortgage and Housing Corporation (CMHC) is the country's national housing agency, providing mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research to Canadians. It was created by the federal government in 1946 to address

632-432: A Bermuda mainsail), or (ii) a main staysail, often with a fisherman topsail to fill the gap at the top in light airs. Various types of schooners are defined by their rig configuration. Most have a bowsprit although some were built without one for crew safety, such as Adventure . The following varieties were built: Schooners were built primarily for cargo, passengers, and fishing. The Norwegian polar schooner Fram

711-522: A certain term, but the outstanding principal balance is due at some point short of that term, and at the end of the term a balloon payment is due. When interest rates are high relative to the rate on an existing seller's loan, the buyer can consider assuming the seller's mortgage . A wraparound mortgage is a form of seller financing that can make it easier for a seller to sell a property. A biweekly mortgage has payments made every two weeks instead of monthly. Budget loans include taxes and insurance in

790-415: A common rig, especially in the 19th century. Some schooners worked on deep sea routes. In British home waters, schooners usually had cargo-carrying hulls that were designed to take the ground in drying harbours (or, even, to unload dried out on an open beach). The last of these once-common craft had ceased trading by the middle of the 20th century. Some very large schooners with five or more masts were built in

869-647: A credit line. In the U.S. a partial amortization or balloon loan is one where the amount of monthly payments due are calculated (amortized) over a certain term, but the outstanding balance on the principal is due at some point short of that term. In the UK, a partial repayment mortgage is quite common, especially where the original mortgage was investment-backed. Graduated payment mortgage loans have increasing costs over time and are geared to young borrowers who expect wage increases over time. Balloon payment mortgages have only partial amortization, meaning that amount of monthly payments due are calculated (amortized) over

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948-509: A higher risk tolerance and do so knowing that they face more challenge in reselling the loan. Many countries have similar concepts or agencies that define what are "standard" mortgages. Regulated lenders (such as banks) may be subject to limits or higher-risk weightings for non-standard mortgages. For example, banks and mortgage brokerages in Canada face restrictions on lending more than 80% of the property value; beyond this level, mortgage insurance

1027-452: A key concept as it often defines whether or not the mortgage can be easily sold or securitized, or, if non-standard, may affect the price at which it may be sold. In the United States, a conforming mortgage is one which meets the established rules and procedures of the two major government-sponsored entities in the housing finance market (including some legal requirements). In contrast, lenders who decide to make nonconforming loans are exercising

1106-445: A loan. Builders may take out blanket loans which cover several properties at once. Bridge loans may be used as temporary financing pending a longer-term loan. Hard money loans provide financing in exchange for the mortgaging of real estate collateral. In most jurisdictions, a lender may foreclose the mortgaged property if certain conditions occur – principally, non-payment of the mortgage loan. Subject to local legal requirements,

1185-480: A mortgage occurs when an owner (usually of a fee simple / freehold interest in real property , but frequently leasehold in England and Wales) pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money,

1264-399: A notion of standard or conforming mortgages that define a perceived acceptable level of risk, which may be formal or informal, and may be reinforced by laws, government intervention, or market practice. For example, a standard mortgage may be considered to be one with no more than 70–80% LTV and no more than one-third of gross income going to mortgage debt. A standard or conforming mortgage is

1343-444: A number of more or less standard measures of creditworthiness may be used. Common measures include payment to income (mortgage payments as a percentage of gross or net income); debt to income (all debt payments, including mortgage payments, as a percentage of income); and various net worth measures. In many countries, credit scores are used in lieu of or to supplement these measures. There will also be requirements for documentation of

1422-517: A smaller crew for their size compared to then traditional ocean crossing square rig ships, and being fast and versatile. Three-masted schooners were introduced around 1800. Schooners were popular on both sides of the Atlantic in the late 1800s and early 1900s. By 1910, 45 five-masted and 10 six-masted schooners had been built in Bath, Maine and in towns on Penobscot Bay , including Wyoming which

1501-405: Is common in the UK, especially when associated with a regular investment plan. With this arrangement regular contributions are made to a separate investment plan designed to build up a lump sum to repay the mortgage at maturity. This type of arrangement is called an investment-backed mortgage or is often related to the type of plan used: endowment mortgage if an endowment policy is used, similarly

1580-714: Is considered the largest wooden ship ever built. The Thomas W. Lawson was the only seven-masted schooner built. The rig is rarely found on a hull of less than 50 feet LOA , and small schooners are generally two-masted. In the two decades around 1900, larger multi-masted schooners were built in New England and on the Great Lakes with four, five, six, or even, seven masts. Schooners were traditionally gaff-rigged, and some schooners sailing today are reproductions of famous schooners of old, but modern vessels tend to be Bermuda rigged (or occasionally junk-rigged) . While

1659-413: Is generally required. In some countries with currencies that tend to depreciate, foreign currency mortgages are common, enabling lenders to lend in a stable foreign currency, whilst the borrower takes on the currency risk that the currency will depreciate and they will therefore need to convert higher amounts of the domestic currency to repay the loan. In addition to the two standard means of setting

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1738-559: Is obscure, but there is good evidence of them from the early 17th century in paintings by Dutch marine artists. The earliest known illustration of a schooner depicts a yacht owned by the mayors (Dutch: burgemeesters) of Amsterdam, drawn by the Dutch artist Rool and dated 1600. Later examples show schooners (Dutch: schoeners) in Amsterdam in 1638 and New Amsterdam in 1627. Paintings by Van de Velde (1633–1707) and an engraving by Jan Kip of

1817-490: Is the largest feature to appear on a depth sounder in the area, standing about 3 metres off the harbour floor. Her exact location is given at: 12°32'28"S, 130°52'08"E. Ellengowan is a protected shipwreck under the Northern Territory Conservation Act 1991 . Visitors to the site are required not to disturb the site in any way, in an effort to preserve the remaining structure and artefacts for

1896-532: Is the primary mechanism used in many countries to finance private ownership of residential and commercial property (see commercial mortgages ). Although the terminology and precise forms will differ from country to country, the basic components tend to be similar: Many other specific characteristics are common to many markets, but the above are the essential features. Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example) or indirectly (through regulation of

1975-432: Is to make regular payments toward the principal and interest over a set term, commonly referred to as (self) amortization in the U.S. and as a repayment mortgage in the UK. A mortgage is a form of annuity (from the perspective of the lender), and the calculation of the periodic payments is based on the time value of money formulas. Certain details may be specific to different locations: interest may be calculated on

2054-402: The 2010 foreclosure crisis . In the United States, the mortgage loan involves two separate documents: the mortgage note (a promissory note ) and the security interest evidenced by the "mortgage" document; generally, the two are assigned together, but if they are split traditionally the holder of the note and not the mortgage has the right to foreclose. For example, Fannie Mae promulgates

2133-579: The Daly River where a sugar plantation had been established. While operating in this role, she struck a sandbar on the Daly River and sank. Ellengowan remained a shipwreck for four years until she was eventually raised in 1885 by Charles Stuart Copeland, who intended to use the vessel to supply camps along the Roper and McArthur Rivers . The vessel's first trip since being raised was a charter from

2212-689: The Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac). The US mortgage sector has been the center of major financial crises over the last century. Unsound lending practices resulted in the National Mortgage Crisis of the 1930s , the savings and loan crisis of the 1980s and 1990s and the subprime mortgage crisis of 2007 which led to

2291-414: The cost of a mortgage loan (fixed at a set interest rate for the term, or variable relative to market interest rates), there are variations in how that cost is paid, and how the loan itself is repaid. Repayment depends on locality, tax laws and prevailing culture. There are also various mortgage repayment structures to suit different types of borrower. The most common way to repay a secured mortgage loan

2370-429: The following formula : A = P ⋅ r ( 1 + r ) n ( 1 + r ) n − 1 {\displaystyle A=P\cdot {\frac {r(1+r)^{n}}{(1+r)^{n}-1}}} where: The main alternative to a principal and interest mortgage is an interest-only mortgage , where the principal is not repaid throughout the term. This type of mortgage

2449-655: The Fly was a large and navigable river. As a result, Ellengowan was the first European vessel to sail up the Fly and Baxter rivers. The furthest-most point on the Fly River that the expedition reached, on 14 December 1875, was named Ellengowan Island (7°49'13.66"S, 141°40'59.68"E) after the vessel. The vessel was purchased from LMS in 1881 by the Palmerston Plantation Company, managed by Mr W. Owston, to undertake supply voyages from Palmerston (Darwin) to

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2528-476: The HECM (Home Equity Conversion Mortgage). Unlike standard mortgages (where the entire loan amount is typically disbursed at the time of loan closing) the HECM program allows the homeowner to receive funds in a variety of ways: as a one time lump sum payment; as a monthly tenure payment which continues until the borrower dies or moves out of the house permanently; as a monthly payment over a defined period of time; or as

2607-520: The Thames at Lambeth, dated 1697, suggest that schooner rig was common in England and Holland by the end of the 17th century. The Royal Transport was an example of a large British-built schooner, launched in 1695 at Chatham. The schooner rig was used in vessels with a wide range of purposes. On a fast hull, good ability to windward was useful for privateers, blockade runners, slave ships, smaller naval craft and opium clippers. Packet boats (built for

2686-405: The UK and U.S., 25 to 30 years is the usual maximum term (although shorter periods, such as 15-year mortgage loans, are common). Mortgage payments, which are typically made monthly, contain a repayment of the principal and an interest element. The amount going toward the principal in each payment varies throughout the term of the mortgage. In the early years the repayments are mostly interest. Towards

2765-475: The UN Economic Commission for Europe compared German, US, and Danish mortgage systems. The German Bausparkassen (savings and loans associations) reported nominal interest rates of approximately 6 per cent per annum in the last 40 years (as of 2004). Bausparkassen are not identical with banks that give mortgages. In addition, they charge administration and service fees (about 1.5 per cent of

2844-624: The US, foreign nationals due to their unique situation face Foreign National mortgage conditions. Flexible mortgages allow for more freedom by the borrower to skip payments or prepay. Offset mortgages allow deposits to be counted against the mortgage loan. In the UK there is also the endowment mortgage where the borrowers pay interest while the principal is paid with a life insurance policy. Commercial mortgages typically have different interest rates, risks, and contracts than personal loans. Participation mortgages allow multiple investors to share in

2923-584: The United States from circa 1880–1920. They mostly carried bulk cargoes such as coal and timber. In yachting, schooners predominated in the early years of the America's Cup . In more recent times, schooners have been used as sail training ships. The type was further developed in British North America starting around 1713. In the 1700s and 1800s in what is now New England and Atlantic Canada schooners became popular for coastal trade, requiring

3002-440: The applicant has provided as to income, employment, credit history and the value of the home being purchased via an appraisal. An appraisal may be ordered. The underwriting process may take a few days to a few weeks. Sometimes the underwriting process takes so long that the provided financial statements need to be resubmitted so they are current. It is advisable to maintain the same employment and not to use or open new credit during

3081-422: The basis of a 360-day year, for example; interest may be compounded daily, yearly, or semi-annually; prepayment penalties may apply; and other factors. There may be legal restrictions on certain matters, and consumer protection laws may specify or prohibit certain practices. Depending on the size of the loan and the prevailing practice in the country the term may be short (10 years) or long (50 years plus). In

3160-401: The borrower becomes bankrupt or insolvent , the other creditors will only be repaid the debts owed to them from a sale of the secured property if the mortgage lender is repaid in full first. In many jurisdictions, it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where

3239-405: The borrower depends upon the credit risk in addition to the interest rate risk. The mortgage origination and underwriting process involves checking credit scores, debt-to-income, downpayments (deposits), assets, and assessing property value. Jumbo mortgages and subprime lending are not supported by government guarantees and face higher interest rates. Other innovations described below can affect

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3318-407: The country concerned, and the loan arrangements can be made either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably. The lender's rights over the secured property take priority over the borrower's other creditors , which means that if

3397-429: The creditworthiness, such as income tax returns, pay stubs, etc. the specifics will vary from location to location. Income tax incentives usually can be applied in forms of tax refunds or tax deduction schemes. The first implies that income tax paid by individual taxpayers will be refunded to the extent of interest on mortgage loans taken to acquire residential property. Income tax deduction implies lowering tax liability to

3476-538: The criteria on new lending on an interest-only basis. The problem for many people has been the fact that no repayment vehicle had been implemented, or the vehicle itself (e.g. endowment/ISA policy) performed poorly and therefore insufficient funds were available to repay balance at the end of the term. Moving forward, the FSA under the Mortgage Market Review (MMR) have stated there must be strict criteria on

3555-484: The debt each year. These arrangements are variously called reverse mortgages , lifetime mortgages or equity release mortgages (referring to home equity ), depending on the country. The loans are typically not repaid until the borrowers are deceased, hence the age restriction. Through the Federal Housing Administration , the U.S. government insures reverse mortgages via a program called

3634-422: The demand for home ownership is highest, strong domestic markets for mortgages have developed. Mortgages can either be funded through the banking sector (that is, through short-term deposits) or through the capital markets through a process called "securitization", which converts pools of mortgages into fungible bonds that can be sold to investors in small denominations. According to Anglo-American property law ,

3713-431: The end of the mortgage, payments are mostly for principal. In this way, the payment amount determined at outset is calculated to ensure the loan is repaid at a specified date in the future. This gives borrowers assurance that by maintaining repayment the loan will be cleared at a specified date if the interest rate does not change. Some lenders and 3rd parties offer a bi-weekly mortgage payment program designed to accelerate

3792-405: The enjoyment of future generations of site visitors. 12°19′S 130°31′E  /  12.32°S 130.52°E  / -12.32; 130.52 Cave dive sites: Schooner The name "schooner" first appeared in eastern North America in the early 1700s. The name may be related to a Scots word meaning to skip over water, or to skip stones. The origins of schooner rigged vessels

3871-568: The extent of interest rate paid for the mortgage loan. Some lenders may also require a potential borrower have one or more months of "reserve assets" available. In other words, the borrower may be required to show the availability of enough assets to pay for the housing costs (including mortgage, taxes, etc.) for a period of time in the event of the job loss or other loss of income. Many countries have lower requirements for certain borrowers, or "no-doc" / "low-doc" lending standards that may be acceptable under certain circumstances. Many countries have

3950-592: The fast conveyance of passengers and goods) were often schooners. Fruit schooners were noted for their quick passages, taking their perishable cargoes on routes such as the Azores to Britain. Some pilot boats adopted the rig. The fishing vessels that worked the Grand Banks of Newfoundland were schooners, and held in high regard as an outstanding development of the type. In merchant use, the ease of handling in confined waters and smaller crew requirements made schooners

4029-402: The form of a collateral for a benefit (loan)". Mortgage borrowers can be individuals mortgaging their home or they can be businesses mortgaging commercial property (for example, their own business premises, residential property let to tenants, or an investment portfolio ). The lender will typically be a financial institution, such as a bank , credit union or building society , depending on

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4108-406: The funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate risk and time delays that may be involved in certain circumstances. During the mortgage loan approval process, a mortgage loan underwriter verifies the financial information that

4187-470: The government to take a customs officer, Alfred Searcy , in search of Macassan perahu along the Northern Territory coast. However, Ellengowan was so poorly repaired after its stay at the bottom of the Daly River, that upon its return to Port Darwin she was pronounced unseaworthy. Copeland had mortgaged Ellengowan to Herbert H. Adcock and Richard De la Poer Beresford, who then used her as

4266-457: The higher the LTV, the higher the risk that the value of the property (in case of foreclosure) will be insufficient to cover the remaining principal of the loan. Since the value of the property is an important factor in understanding the risk of the loan, determining the value is a key factor in mortgage lending. The value may be determined in various ways, but the most common are: In most countries,

4345-413: The lenders borrow money, therefore, affects the cost of borrowing. Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower, often in the form of a security (by means of a securitization ). Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that

4424-409: The loan against the value of the property. Therefore, a mortgage loan in which the purchaser has made a down payment of 20% has a loan to value ratio of 80%. For loans made against properties that the borrower already owns, the loan to value ratio will be imputed against the estimated value of the property. The loan to value ratio is considered an important indicator of the riskiness of a mortgage loan:

4503-534: The loan amount). However, in the United States, the average interest rates for fixed-rate mortgages in the housing market started in the tens and twenties in the 1980s and have (as of 2004) reached about 6 per cent per annum. However, gross borrowing costs are substantially higher than the nominal interest rate and amounted for the last 30 years to 10.46 per cent. In Denmark, similar to the United States mortgage market, interest rates have fallen to 6 per cent per annum. A risk and administration fee amounts to 0.5 per cent of

4582-549: The mainstream of the Fly River and to cross the Owen Stanley Mountains . A third expedition to find the Fly River was again mounted by Macfarlane on 3 December 1875. He was accompanied by Luigi M D'Albertis , an Italian naturalist and the police magistrate in Somerset, Lieutenant Cherster. On this occasion, the expedition was successful. Ellengowan steamed upstream for 150 miles (240 km), establishing that

4661-417: The mortgage payment; package loans add the costs of furnishings and other personal property to the mortgage. Buydown mortgages allow the seller or lender to pay something similar to points to reduce interest rate and encourage buyers. Homeowners can also take out equity loans in which they receive cash for a mortgage debt on their house. Shared appreciation mortgages are a form of equity release . In

4740-489: The mortgaged property apply, and may be tightly regulated by the relevant government. There are strict or judicial foreclosures and non-judicial foreclosures, also known as power of sale foreclosures. In some jurisdictions, foreclosure and sale can occur quite rapidly, while in others, foreclosure may take many months or even years. In many countries, the ability of lenders to foreclose is extremely limited, and mortgage market development has been notably slower. A study issued by

4819-531: The oldest known shipwreck in Darwin Harbour. Built in 1866 by Akers Mekaniske Verksted in Christiania in Norway, Ellengowan was originally named Nøkken . She was built for Mr D. Hegermann. The vessel was 79 feet (24 m) long, 15 feet (4.6 m) wide, had a depth of 8 feet (2.4 m) and had a gross register tonnage of 58. She was powered by sail and a vertical direct acting steam engine. Steam

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4898-424: The options of paying the interest on a monthly basis. By paying off the interest means the balance will remain level for the rest of their life. This market is set to increase as more retirees require finance in retirement. For older borrowers (typically in retirement), it may be possible to arrange a mortgage where neither the principal nor interest is repaid. The interest is rolled up with the principal, increasing

4977-538: The outstanding debt. In addition, an acquisition fee is charged which amounts to one per cent of the principal. The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities , to foster mortgage lending, construction and encourage home ownership . These programs include the Government National Mortgage Association (known as Ginnie Mae),

5056-435: The participants or the financial markets, such as the banking industry), and often through state intervention (direct lending by the government, direct lending by state-owned banks, or sponsorship of various entities). Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system. Mortgage loans are generally structured as long-term loans,

5135-401: The payoff of the loan. Similarly, a mortgage can be ended before its scheduled end by paying some or all of the remainder prematurely, called curtailment. An amortization schedule is typically worked out taking the principal left at the end of each month, multiplying by the monthly rate and then subtracting the monthly payment. This is typically generated by an amortization calculator using

5214-651: The periodic payments for which are similar to an annuity and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years, depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization. In practice, many variants are possible and common worldwide and within each country. Lenders provide funds against property to earn interest income , and generally borrow these funds themselves (for example, by taking deposits or issuing bonds ). The price at which

5293-515: The property may then be sold. Any amounts received from the sale (net of costs) are applied to the original debt. In some jurisdictions, mortgage loans are non-recourse loans: if the funds recouped from sale of the mortgaged property are insufficient to cover the outstanding debt, the lender may not have recourse to the borrower after foreclosure. In other jurisdictions, the borrower remains responsible for any remaining debt. In virtually all jurisdictions, specific procedures for foreclosure and sale of

5372-459: The rates as well. Upon making a mortgage loan for the purchase of a property, lenders usually require that the borrower make a down payment (called a deposit in English law); that is, contribute a portion of the cost of the property. This down payment may be expressed as a portion of the value of the property (see below for a definition of this term). The loan to value ratio (or LTV) is the size of

5451-431: The repayment vehicle being used. As such the likes of Nationwide and other lenders have pulled out of the interest-only market. A resurgence in the equity release market has been the introduction of interest-only lifetime mortgages. Where an interest-only mortgage has a fixed term, an interest-only lifetime mortgage will continue for the rest of the mortgagors life. These schemes have proved of interest to people who do like

5530-456: The roll-up effect (compounding) of interest on traditional equity release schemes. They have also proved beneficial to people who had an interest-only mortgage with no repayment vehicle and now need to settle the loan. These people can now effectively remortgage onto an interest-only lifetime mortgage to maintain continuity. Interest-only lifetime mortgage schemes are currently offered by two lenders – Stonehaven and more2life. They work by having

5609-597: The secured property (" foreclosure " or " repossession ") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word mortgage is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in

5688-470: The underwriting process. Any changes made in the applicant's credit, employment, or financial information could result in the loan being denied. There are many types of mortgages used worldwide, but several factors broadly define the characteristics of the mortgage. All of these may be subject to local regulation and legal requirements. The two basic types of amortized loans are the fixed rate mortgage (FRM) and adjustable-rate mortgage (ARM) (also known as

5767-425: The word mortgage has become the generic term for a loan secured by such real property . As with other types of loans, mortgages have an interest rate and are scheduled to amortize over a set period of time, typically 30 years in the United States. All types of real property can be, and usually are, secured with a mortgage and bear an interest rate that is supposed to reflect the lender's risk. Mortgage lending

5846-841: The work began with a trip to Anuapata ( Port Moresby ) in November 1874, to establish the first mission in New Guinea. W. G. Lawes, a missionary with LMS, his wife and the Reverend A.W. Murray travelled on this first trip. Lawes later became the first European missionary to take-up residence in Port Morseby. Macfarlane then organised an expedition to find the mainstream of the Fly River , a major waterway in Western Province , Papua New Guinea , to determine if suitable land

5925-573: Was available up-river to establish further missions. Ellengowan steamed for about 103 kilometres (64 mi) up a river, but it was not the Fly. Macfarlane named this river the Baxter River (also called Mai-Kassa River), after Miss Baxter. Upon the vessel's return to Somerset, Macfarlane granted leave to James Runcie, captain of Ellengowan , to take Lawrence Hargrave , an Australian inventor and explorer, Octavius Stone and Kendal Broadbent, both naturalists, in another (unsuccessful) attempt to find

6004-649: Was later verified by archaeologists from the Museum and Art Gallery of the Northern Territory in 1994, making it the oldest known shipwreck in Darwin Harbour and the only known Norwegian built iron steamer in Australian waters. The shipwreck lies at a depth of approximately 14 metres (46 ft), in the channel between Wickham Point and Channel Island , in Darwin Harbour's middle arm. The wreck

6083-417: Was not uncommon for interest only mortgages to be arranged without a repayment vehicle, with the borrower gambling that the property market will rise sufficiently for the loan to be repaid by trading down at retirement (or when rent on the property and inflation combine to surpass the interest rate). Recent Financial Services Authority guidelines to UK lenders regarding interest-only mortgages have tightened

6162-555: Was supplied by a round scotch boiler . Hegermann used Nøkken as a private yacht until it was sold to the London Missionary Society (LMS) in 1874. The Reverend Samuel Macfarlane persuaded Miss Baxter, of Dundee, to donate £3,000 for the steamer, renaming it after her own home "Ellengowan". Macfarlane wanted Ellengowan for missionary work in New Guinea . Departing from Somerset , Cape York Peninsula ,

6241-609: Was used by both Fridtjof Nansen and Roald Amundsen in their explorations of the poles. Bluenose was both a successful fishing boat and a racer. America , eponym of America's Cup , was one of the few schooners ever designed for racing. This race was long dominated by schooners. Three-masted schooner Atlantic set the transatlantic sailing record for a monohull in the 1905 Kaiser's Cup race. The record remained unbroken for nearly 100 years. Mortgage loan A mortgage loan or simply mortgage ( / ˈ m ɔːr ɡ ɪ dʒ / ), in civil law jurisdictions known also as

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