Logo
Pattern

Discover published sets by community

Explore tens of thousands of sets crafted by our community.

Mortgage Types and Terms

20

Flashcards

0/20

Still learning
StarStarStarStar

Adjustable-Rate Mortgage (ARM)

StarStarStarStar

Features an interest rate that can change at specified times, generally in relation to an index.

StarStarStarStar

VA Loan

StarStarStarStar

A mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing.

StarStarStarStar

Conforming Loan

StarStarStarStar

A mortgage that is equal to or less than the loan limits set by the FHFA and meets other criteria.

StarStarStarStar

Conventional Loan

StarStarStarStar

A mortgage not guaranteed or insured by any government agency, such as FHA or VA.

StarStarStarStar

Bridge Loan

StarStarStarStar

A short-term loan used to 'bridge' the gap between the costs of new property and expected proceeds from the sale of a current home.

StarStarStarStar

Home Equity Line of Credit (HELOC)

StarStarStarStar

A revolving line of credit where your home is used as collateral.

StarStarStarStar

Construction Loan

StarStarStarStar

A short-term loan used to finance the building of a home or another real estate project.

StarStarStarStar

Graduated Payment Mortgage (GPM)

StarStarStarStar

A type of fixed-rate mortgage where the payment increases gradually over time.

StarStarStarStar

Jumbo Loan

StarStarStarStar

A mortgage that exceeds the conforming loan limits set by the Federal Housing Finance Agency (FHFA).

StarStarStarStar

Home Equity Loan

StarStarStarStar

A type of loan in which the borrower uses the equity of their home as collateral.

StarStarStarStar

Interest-Only Mortgage

StarStarStarStar

Allows the borrower to pay only the interest on the mortgage for a set period of time.

StarStarStarStar

FHA Loan

StarStarStarStar

A government-backed mortgage insured by the Federal Housing Administration, designed for lower-income borrowers.

StarStarStarStar

USDA Loan

StarStarStarStar

A zero-down-payment mortgage for rural and suburban homebuyers, offered by the United States Department of Agriculture.

StarStarStarStar

Reverse Mortgage

StarStarStarStar

Allows older homeowners to convert part of their equity into cash without selling their home.

StarStarStarStar

Interest-First Mortgage

StarStarStarStar

A type of mortgage where early payments are applied only to interest, not to the principal.

StarStarStarStar

Buydown Mortgage

StarStarStarStar

A mortgage where the interest rate is lowered due to an upfront payment or periodic payments by the borrower or a third-party.

StarStarStarStar

Fixed-Rate Mortgage

StarStarStarStar

Offers a constant interest rate and monthly payments over the life of the loan.

StarStarStarStar

Subprime Mortgage

StarStarStarStar

A type of mortgage made to borrowers with lower credit scores, often at higher interest rates.

StarStarStarStar

Shared Appreciation Mortgage

StarStarStarStar

A loan where the lender may share in the appreciation of the home's value in exchange for offering a lower interest rate.

StarStarStarStar

Balloon Mortgage

StarStarStarStar

Requires a large payment at the end of the loan term, typically after a series of low monthly payments.

Know
0
Still learning
Click to flip
Know
0
Logo

© Hypatia.Tech. 2024 All rights reserved.