Purchase Money Mortgage - Seller financing (seller is the bank), Blanket Loan - Used by developers to purchase large tracts with the intention to subdivide, Term Loan - Interest only paid to bank/ for short term, HELOC/Home Equity Line of Credit - Home loan that is expandable by increments up to a maximum dollar amount- functions like a credit card- an equity line mortgage, Bridge Loan - Helps homeowners purchase a new home while waiting for current home to sell, Reverse Mortgage - Loan is paid to borrower in form of monthly installments based on homeowner’s equity rather than a lump sum- associated w/ seniors, Package Loan - Includes contents of the house, Adjustable Rate Mortgage/ARM - Loan characterized by a fluctuating interest rate usually tied to a published index, Growing Equity Mortgage - Monthly payments increase annually, with the increase used to reduce the principal balance & thus shorten the loan term, Balloon Mortgage - Equal monthly payments with large final payment due after a few years (term), Graduated Payment Mortgage - Low initial monthly payments that gradually increase over time- not tied to an index, Mortgage Buy-Down - A financing technique used to reduce the monthly payments for the first few years of a loan- link with subdivision sales, Wrap Around Mortgage - 2 deeds of trust- 2nd one “wraps around” the current mortgage- risky ,

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