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12 Cards in this Set
- Front
- Back
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Adjustable rate mortgage (ARM)
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a mortgage on which the interest rate rises and falls with changes in prevailing interest rates
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Affordable housing loan
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an umbrella term that covers many slightly different loans that target first-time home buyers and low- to moderate-income borrowers
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Blanket mortgage
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a mortgage secured by two or more properties
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Construction loan
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short-term loan for new construction or remodeling of an existing structure
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Equity sharing
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an arrangement whereby a party providing financing gets a portion of the ownership
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Graduated payment mortgage
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a mortgage with an interest rate and maturity that are fixed, but the monthly payment gradually rises, because the initial monthly payments are insufficient to fully amortize the loan
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Negative amortization
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accrual of interest on a loan balance so that, as loan payments are made, the loan balance rises
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Option
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a right, for a given period of time, to buy, sell, or lease property at specified price and terms
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Package mortgage
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a mortgage that secures personal property in addition to real property
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RAM
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reverse annuity mortgage
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Seller financing
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a note accepted by a seller instead of cash
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Wraparound mortgage
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a mortgage that encompasses any existing mortgages and is subordinate to them
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