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Georgia Real Estate

Chapter 15

TermDefinition
Adjustable Rate Mortgage A mortgage where the interest rate rises and falls with changes in prevailing interest rates.
Negative Amortization Accrual of interest on a loan balance so that, as loan payments are made, the balance rises
Graduated Payment Mortgage A mortgage with an interest and maturity that are fixed, but with a monthly payment that gradually rises because the initial monthly payments are insufficient to fully amortize the loan.
Equity Sharing An arrangement whereby a party providing financing gets a portion of the ownership
Package Mortgage A mortgage that secures personal property in addition to real property
Blanket Mortgage A mortgage secured by two or more properties.
Reverse Annuity Mortgage A loan to the homeowner where by periodic payments are made to the homeowner from the lender; typically for person of 62 years of age or older
Construction Loan A short-term loan for new construction or remodeling of an existing structure; also called an interim loan.
equity mortgage a loan where the lender agrees to make a loan based on the amount of equity in a borrower’s home
Wraparound Mortgage A mortgage that encompasses any existing mortgage and is subordinate to them
Seller Financing A note accepted by a seller instead of cash
Subordination The act of yielding to another. In finance this mean one mortgage would take a lower position to a current mortgage.
Contract for deed enables the seller to finance a buyer by permitting him to make a down payment followed by monthly payments.
illegal flipping is purchasing a property and then selling it immediately at a fraudulent and increased price.
Option is a right, for a given period of time, to buy, sell, or lease property at a specified price and terms.
Silent Second involves increasing the sales price fraudulently and asking the seller to take a second loan with the increase in purchase price.
Chunking is a scheme where the borrower makes multiple, simultaneous applications for a loan on one property.
Sale and Leaseback an owner-occupant sells the property and then remains as a tenant
Created by: user-1812658
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