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Real Estate > Loans > Flashcards

Loans Flashcards

1
Q

Fixed-Rate Mortgage

A

most common type of loan. Payments monthly for 30 years.

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2
Q

Straight-Loan

A

interest-only loan

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3
Q

Adjustable Rate Mortgage (ARM)

A

Monthly payments that fluctuates. Considered high risk.

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4
Q

Blanket Mortgage

A

commercial mortgage: 2+ parcels of real estate are pledged as security for payment of mortgage debt.

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5
Q

Purchase Money Mortgage

A

given to seller by buyer to cover part of purchase price

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6
Q

Wrap Around Mortgage

A

seller extends to the buyer a jr. mortgage. Wraps around existing.

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7
Q

Swing/Bridge Loan

A

short-term loan: 2-3 years. Gap. Mortgage.

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8
Q

Graduated Payment Mortgage (GPM)

A

monthly payments are lower in early years, then increase at intervals

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9
Q

Construction Mortgage

A

A form of interim or temporary short-term financing for creating improvements or buildings on a property

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Real Estate (4 decks)

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