ChAPTER 15 Flashcards
WHERE THE MONTHLY PRINCIPLE AND INTEREST PAYMENTS FULLY RETIRE THE DEBT OVER THE LOAN TERM, NO BALLOON PAYMENT
AMORTIZED LOAN
A LOAN SECURED BY MORE THAN ONE PARCEL OF ESTATE, FREQUENTLY USED BY SUBDIVISION DEVELOPERS
BLANKET LOAN
THE FINAL LOAN PAYMENT THAT IS MUCH LARGER THAN THE PERIODIC PAYMENTS BECAUSE THE LOAN IS NOT FULLY AMORTIZED
BALLOON PAYMENT
A LOAN TYPICALLY WITH 20% DOWN, MINIMUM CREDIT SCORES AND RATIOS NEITHER INSURED BY FHA OR GUARANTEED BY VA
CONVENTIONAL LOAN
A FEDERAL LAW THAT PROHIBITS DISCRIMINATION IN THE GRANTING OF CREDIT TO PROTECTED CLASSES
EQUAL CREDIT OPPORTUNITY ACT
FEDERAL NATIONAL MORTGAGE ASSOCIATION, BUYS MORTGAGES ON THE SECONDARY MORTGAGE MARKET
FANNIE MAE
A LOAN BY AN APPROVED LENDER WHERE THE LENDER IS INSURED AGAINST LOSS BY THE FHA
FHA LOAN
A LOAN SECURED BY BOTH REAL AND PERSONAL PROPERTY
PACKAGE LOAN
THE MARKET WHERE LOANS ARE ORIGINATED BETWEEN BORROWERS AND LENDERS
PRIMARY MORTGAGE MARKET
INSURANCE PAID BY THE BORROWER THAT PROTECTS THE LENDER AGAINST LOSS INSURING THE TOP 20% PERCENT OF THE LOAN
PRIVATE MORTGAGE INSURANCE
