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12 Cards in this Set
- Front
- Back
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A loan that constitutes a lien against real property...
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Mortgage
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The mortgagor is called..
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Buyer/Borrower
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The mortgagee is called
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Seller/lender
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Having a larger payment due at the end of the term is called...
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Balloon Mortgage
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A mortgage that is paid monthly for both principle and interest is...
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Amortized
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Amortization
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When a loan balance decreases because of periodic installments that pay down both principle and interest
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Up to the time a foreclosure is sealed; a buyer may regain his property by paying all outstanding debts owed...
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Equity of Redemption
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Enabling a lender to declare the entire balance due if the borrower is in default is called..
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Acceleration Clause
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A court order stating the borrower still owes money is...
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Deficiency Judgement
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A mortgage should always be...
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Recorded
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The market that buys and sells mortgages to keep it liquid is...
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Secondary market comp.
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With a loan to value of less than 80% the purchaser must obtain..
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PMI-Private Mortgage Insurace
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