| and thereby to create more mortgages than the banks could with the amount they have on deposit. This in turn allows the public to use 20 year fixed mortgage mortgages to purchase homes, something the government wishes to encourage. The investors, meanwhile, gain low-risk income at a higher interest rate (essentially the mortgage rate, minus the cuts of the bank and GSE) than they could gain from most other bonds. eMortgages are electronic mortgages made legally enforceable by Electronic Signatures in Global and National Commerce Act and the Uniform 20 year fixed mortgage Transactions Act. Standardization of eMortgages is being facilitated by the Mortgage Industry Standards Maintenance Organization eMortgage Workgroup, which builds on the existing MISMO data standards, adding data elements and electronic signature capabilities to create an infrastructure for fully electronic, or paperless, mortgages. The eMortgage infrastructure is built around 20 year fixed mortgage concept of a SMART Document and the SMART DOC Implementation Guide. Securitization is 20 year fixed mortgage momentous change in the way that mortgage bond markets function which has grown rapidly in the last 10 years as a result of the wider dissemination of technology in the mortgage lending world. For borrowers with superior credit, government loans and ideal profiles, this securitization keeps rates almost artificially low, since the pools of funds used to create new loans can be 20 year fixed mortgage more quickly than in years past, allowing for more rapid outflow of capital from investors to borrowers without as many personal business ties as the past. For example, in a refinance, if the new mortgage term is for 30 years and 20 year fixed mortgage paid $3,000 in points, you would claim an annual deduction of $100 for the points paid. If you refinance, sell or pay off the mortgage early, you can |
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