Variable Rate Mortgage - Loan whose payment is tied to a publicly traded index, Appraisal Report - Relied on by lenders determining if it is safe to lend, Impound or escrow account - Lender collects 1/12th of the estimated property tax and insurance cost, Acceleration clause - Lender demands the entire balance to be paid upon buyer default, Conventional loan - Mortgage between the borrower and lender that may require PMI, Mortgagor - The owner uses the property as collateral for the loan in a lien theory state, Low loan-to-value - Higher equity in a property, High loan-to-value - Low to no down payment, Straight loan - Interest-only payments until the loan matures, Advantage of a 203(b) FHA laon - Low down payment compared to conventional financing, Note - Financial instrument when a borrower obtains financing to purchase a property, Mortgage - Security instrument when a borrower obtains financing to purchase a property, PMI terminates - When equity reaches 22% of the original purchase, Negative amortization - The monthly payment is not sufficient to cover the monthly interest due, Deed in lieu - Bank takes title to the property subject to junior liens,

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