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14 Cards in this Set
- Front
- Back
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Junior Or Senior Mortgage |
Senior mortgage has first lien position, junior mortgage has lower lien priority. |
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Purchase Money Mortgage |
A mortgage that a buyer gives to a seller in a seller-financed transaction. |
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Home Equity Loan |
Uses property the borrower already owns as collateral. |
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Refinance Mortgage |
A new mortgage to replace an existing mortgage on the same property. |
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Bridge Loan |
A temporary loan used by buyers to purchase a new home before the sale of their current home closes. |
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Budget Mortgage |
Payments include principal and interest and also, taxes and insurance. |
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Package Mortgage |
Covers the purchase of both real property and personal property, example- fixtures and equipment. |
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Blanket Mortgage |
Contains a partial release clause that uses multiple properties as collateral. |
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Construction Loan |
Short-term loan used to finance construction of improvements on land already owned by the borrower. |
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Nonrecourse Mortgage |
Does not allow for a deficiency judgment against the borrower; the lender's only remedy is foreclosure. |
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Participation Mortgage |
Lender receives percentage of earnings generated by the property, in addition to interest payments. |
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Shared Appreciation Mortgage |
Lender is entitled to a portion of any increase in the property's value. |
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Reverse Equity Mortgage |
Lender makes monthly payements to a homeowner-home is sold when owner dies in order to pay back the mortgage. |
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Home Equity Loan |
Obtained by a borrower using property he already owns as collateral. |
