Combination Mortgage

From Open Risk Manual

Definition

Combination Mortgage (also Combo Loan) is any Mortgage aggreement (typically for the financing of Real Estate that is not a single Contract between borrower and lender but a combination of several lending aggrements (typically two), each with their own terms and conditions.

Example

  • A regular (primary) loan for 80% of the property's purchase price
  • A [Home Equity Line Of Credit] for 10% of the property's purchase price

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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