by attorney-austin | Nov 16, 2009 | Real Estate
Glossary of Mortgage Terms The purchase of a home can be overwhelming. So too, can the prospect of securing financing. Some terms in frequent use with regard to mortgages are as follows: Adjustable rate mortgage (ARM) – The interest rate on an adjustable rate... by attorney-austin | Nov 13, 2009 | Real Estate
Wrap-around mortgages A wrap-around mortgage is a loan transaction in which the lender assumes responsibility for an existing mortgage. For example, Sam Seller, who has a $70,000 mortgage on his home, sells his home to Bob Buyer for $100,000. Bob pays $5,000 down and...