Real Estate Prelicensing Course Financing

By gs19287, Sep 2009

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the amount of a mortgage loan in relation to the value of a home is	loan-to value ratio or LTV
low down payment mortgage loans through the government programs of the	Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA)
means "to kill off slowly over time": it slowly "kills of" a debt over time through periodic payments to the lender	amortized loans / self-liquidating loans
periodic payments of interest only, with the principal to be paid in full at the end of the loan term	straight payment plan or straight (term) loan use for home improvement loans and second mortgages rather than for 1st mortgage loans
low down-payment insured mortgage loan	FHA 203(b)
loan with monthly payments including property taxes and insurance	budget loan
mortgage can be taken over by next buyer	assumable
VA appraisal statement	certificate of reasonable value
highest interest rate ever allowed on a specific adjustable loan	ceiling
listing of each payment: interest, principal paid, remaining debt	amortization schedule

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