Pledged Account Mortgage. Money is placed in a pledged savings account and this fund plus earned interest is gradually used to reduce mortgage payments.
A type of mortgage loan in which the borrower's payments are supplemented by payments from a savings account pledged as additional collateral for the loan. The savings account is established with part of the downpayment.
PLEDGED ACCOUNT MORTGAGE. The payment of funds into a pledged account to be used to reduce mortgage payments at a later date.
See PLEDGED ACCOUNT MORTGAGE.
pledged account mortgage. When the borrower places money in a pledged savings account, and these funds, plus interest earned, are gradually used to reduce mortgage payments.
Pledged Account Mortgage. A graduated payment mortgage in which part of the buyer's down payment is deposited in a savings account. Funds are drawn from the account to supplement the buyer's monthly payments during the early years of the loan.
Pledge Account Mortgage. Combines GPM (graduated payment mortgage) with a subsidizing savings account to provide the borrower with a low payment plan, the lender with amortizing payments and the seller with cash.
PLEDGED ACCOUNT MORTGAGE. A type of home.
Pledged Account Mortgage. Instead of using all of the down payment at closing, part of the funds are placed in an interest-bearing account, and drawn from over time to help pay the mortgage payment. These impounded funds are said to be “pledged” to the lender.
Pledged Account Mortgage. Money that is placed in a pledged savings account. This fund, and earned interest, is used to reduce monthly mortgage payments.