Category: Mortgage Glossary

Bridge Loan loans mortgage terminology definition

Bridge Loan: If you find the home you want to purchase before you have sold your current home, you can take out this type of loan in which the equity in your current property is used as the downpayment on the new property you are purchasing. Once your cur

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Bankruptcy loans mortgage terminology definition

Bankruptcy: The act of claiming you do not have the means or any way to acquire the means to pay off your current debt. This is a legal court proceeding in which you turn in all of your asset and debt information to the court, and the court rules if it th

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Balloon Mortgage loans mortgage terminology definition

Balloon Mortgage: When a buyer acquires this type of mortgage they are required to make payments for a certain amount of time. After this specified period of time, the buyers has to pay the mortgage loan in full. The time period is usually for 5 to 10 yea

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Assumable Mortgage loans mortgage terminology definition

Assumable Mortgage: A mortgage loan that can be taken over by the buyer rather than a new mortgage contract being written to purchase the home. In most cases, the seller of the home will still be liable to the mortgage company in the case that the buyer m

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