Define: Residential Mortgage

UK Accounting Glossary

Definition: Residential Mortgage



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Full Definition of Residential Mortgage


A residential mortgage is a mortgage loan for residential property, generally for a no more than 4 family property. Many types of residential mortgages are available and the diversity of options has increased in recent years. Residential mortgage options included both the fixed-rate and adjustable-rate mortgage. A residential mortgage can be a fully amortizing conventional mortgage, as well as a negative amortization, interest-only, or balloon payment loan. A residential mortgage can be either a private loan, or backed by the government in the case of FHA and VA loans. Today, it is very common to refinance the residential mortgage, perhaps substituting one type of loan for another. In some years, residential mortgage refinance volume far exceeds new purchase volume. The US residential mortgage market is enormous, with trillions of dollars of mortgage debt outstanding. Much of this residential mortgage debt has been securitized and sold to investors in the form of mortgage-backed securities.


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Definition Sources


Definitions for Residential Mortgage are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th February 2020.