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13 Cards in this Set
- Front
- Back
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Amortized Loan |
A loan that requires periodic payments on principle and interest |
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Ballon Loan |
Final payment larger than previous |
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Equity |
The market value of property less the debt against it |
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Conventional Loan |
Real Estate loans not insured by the FHA or VA |
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FHA |
Insure lenders against loses due to nonrepayment on both old and new existing homes |
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Simple Assumibility |
Property is sold and loan is assumed by buyer |
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Formal assumption |
The property isn't the buyers until credit worthiness has been approved by FHA or Agent |
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Upfront Mortgage Insurance Premium |
1 time charge by FHA for insuring the loan |
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Principal |
Balance owed on loan |
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PITI Payment |
A loan that combines interest, principal, taxes, and insurance |
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Maturity |
End of loan |
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Points |
1% of loan amount |
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Impound or reserve account |
An escrow or reserve account into which the lender places the borrowers monthly tax and insurance payments |
