3-2-1 Buydown Mortgage
[ad_1] A 3-2-1 buydown mortgage is a type of loan that starts out with a low interest rate and rises over the next several years until it reaches its permanent…
125% Loan
[ad_1] What Is a 125% Loan? A 125% loan is a type of leveraged loan, typically a mortgage used to refinance a home, which allows a homeowner to borrow an…
3-6-3 Rule: Slang Term For How Banks Used to Operate
[ad_1] What Is the 3-6-3 Rule? The 3-6-3 rule is a slang term that refers to an unofficial practice in the banking industry in the 1950s, 1960s, and 1970s that…
80-10-10 Mortgage
[ad_1] What Is an 80-10-10 Mortgage? An 80-10-10 mortgage is a loan where first and second mortgages are obtained simultaneously. The first mortgage lien is taken with an 80% loan-to-value (LTV) ratio, meaning…
3/27 Adjustable-Rate Mortgage (ARM)
[ad_1] A 3/27 adjustable-rate mortgage (ARM) is a 30-year loan that carries a fixed interest rate for the first three years, then a variable rate for the remaining 27 years.…
2/28 Adjustable-Rate Mortgage (2/28 ARM)
[ad_1] Homebuyers face may choices in types of mortgages, from longer-term fixed rate loans to shorter-term adjustable-rate loans. A 2/28 adjustable-rate mortgage is one type of adjustable rate mortgage that…