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Financing

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Term
Definition
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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