Term
| conventional fixed rate mortgage |
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Definition
| payment of the debt rests solely upon the ability of the borrower to repay, with security provided by the mortgage... part goes to pay off the interest and part of the prinicpal |
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Term
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Definition
| interest rate on teh note is periodically adjusted bases on a variety of indices |
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Term
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Definition
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Term
| negative amorization mortgage |
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Definition
| interest will keep rising over time... pay less than interest prinicpal will go up |
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Term
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Definition
| insured loans.. with federally sponsored guaranty insurance provide....va.... given by a conventional lending institution but guarenteed by the us veteren adminitstration |
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Term
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Definition
| doesn't reduce over the term of the note, leaving a balance due at matureity |
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Term
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Definition
| senior citezens can take out this and don't have to pay until they die |
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Term
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Definition
| refers to a secured loan that is subordinate to another loan against teh same property.. the borrower uses the equity in thier home as colateral |
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