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10 Cards in this Set
- Front
- Back
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the amount of a mortgage loan in relation to the value of a home is |
loan-to value ratio or LTV
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low down payment mortgage loans through the government programs of the
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Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA)
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means "to kill off slowly over time": it slowly "kills of" a debt over time through periodic payments to the lender
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amortized loans / self-liquidating loans
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periodic payments of interest only, with the principal to be paid in full at the end of the loan term
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straight payment plan or straight (term) loan
use for home improvement loans and second mortgages rather than for 1st mortgage loans |
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low down-payment insured mortgage loan
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FHA 203(b)
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loan with monthly payments including property taxes and insurance
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budget loan
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mortgage can be taken over by next buyer
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assumable
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VA appraisal statement
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certificate of reasonable value
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highest interest rate ever allowed on a specific adjustable loan
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ceiling
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listing of each payment: interest, principal paid, remaining debt
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amortization schedule
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