1.
Clause that gives the lender the right to demand the entire loan balance due
2.
A mortgage contract that allows a new buyer to take over the existing seller's mortgage terms, only found on FHA and VA Loans.
3.
A mortgage requiring periodic payments for a specified time and a lump-sum payment of the outstanding balance at maturity.
4.
A short-term loan that helps a buyer "bridge" the gap between buying a new home and selling their old one.
5.
Also known as a trailer loan, loan on a manufactured home where the home is not permanently affixed to the land.
6.
Refinancing the same mortgage with little to no benefit to the borrower
7.
Same as settlement, the final step where the loan is funded, documents are signed, and ownership transfers.
8.
Failure to fulfill the terms of a loan, usually by missing payments.
9.
A deposit made to a seller showing the buyer's good faith in purchasing a home.
10.
An agreement where the lender allows the borrower to delay or reduce payments for a short period.
