Financing
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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Mortgage | An instrument used to secure a note, creating a lein on property used as collateral.
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Mortgagor | Borrower
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Mortgagee | Lender
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Land Contract | Buyer pays a down payment to selller at closing both parties sign land contract.
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Deed of Trust | Title is transferred to a third party called a Trustee.
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Equity | Difference between price and loan amount.
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Formal Assumption | Promissory note and mortgage contract is assumed by buyer for seller after receiving lenders approval.
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Assignment of Mortgage | Is the transfer of a persons right or interest in a mortgage contract to another person.
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Assignment of Mortgage Clause | Prohibits the assignment of mortgage from present mortgagor to another without approval of the mortgagee.
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Conventional Mortgage | Not insured or guaranteed by the government.
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Non-Insured Conventoinal Loan | Usually involves a loan to value ratio of 80% or less
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Insured Conventional Loan | Insurance obtained privately when loan to value ratio exceeds 80% .
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Unconventional Mortgage | Obtained with help of government insurance or guarantee.
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Chattel Mortgage | Used to create leins on personal property. Security Agreement.
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Open-Ended Mortgage | A credit limit is established based on the Fair market value of property.
A home equity loan.
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Budget Mortgage | Monthly payments include prorated property taxes and insurance.
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Second Mortgage | Recorded against property in a secondary position to an earlier mortgage.
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Ballon Loan Mortgage | A short term loan. A partially amortized loan.
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Reverse Mortgage | Lender pays borrower a lump sum or periodic payment that does not have to be paid back.
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Nonamortized Loan | Paid back in one lump sum after a relatively short period of time.
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Buy down Mortgage | Points are paid to lender in exchange for receiving lower loan interest rate.
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