For the Week ending 09/08/06
Directions: Choose the word that matches with the definition and appropriately fits into the blank space in the sentence.
|
A mortgage in which the interest rate, after an initial period, can be changed by the lender.
The interest rate on Frank's _______ will be reset in 24 months. |
|
The repayment of principal from scheduled mortgage payments that exceed the interest due.
The banker printed out a 30 year _______ schedule for Tracy's home mortgage. |
|
A written estimate of a property's current market value prepared by a licensed professional as a prerequisite to obtaining a mortgage.
Due to a soft housing market, this year's _______ on John's house was $25,000 less than last year. |
|
A mortgage which is payable in full after a period that is shorter than the term.
On a 7-year _______ loan, the payment is usually calculated over a 30-year period, and the balance at the end of the 7th year must be repaid or refinanced at that time. |
|
Failure of the borrower to honor the terms of the loan agreement.
Lenders (and the law) usually view borrowers delinquent 90 days or more as in _______. |