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Two-step mortgage
Two-step mortgage An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term.
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Mortgage
A legal document pledging property as security for the payment of a loan.
Interest
Money paid to a lender as compensation for money that is borrowed.
Rate
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
Term
The length of time in which a loan is to be paid off.
Remainder
The right of future possession and use that goes to someone other than the grantor upon termination of a life estate.
Amortization
Gradual payment of a debt through regular installments that cover both interest and principal.
SIMILAR TERMS--------------------------------------
Two-Year Treasury Constant Maturity
An index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a two-year maturity.
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Truth in Lending Law
A body of federal law effective July 1969 as part of the Consumer Credit Protection Act, and implemented by the Federal Reserve Board's Regulation Z. Amended in 1982 by the Truth-in-Lending Simplification and Reform Act and later amendments, it's main purpose is to ensure that borrowers and customers in need of consumer credit are given meaningful information with respect to the cost of credit.
Truth in Lending Statement (Regulation Z)
A federal government regulation that provides details of the cost of obtaining a mortgage loan.
Tuck-point
The process of removing old mortar from between bricks and replacing it with new mortar.
Turn key project
The construction of a project in which a third party is responsible for the total completion of a building, or for the construction of tenant improvements to the customized requirements and specifications of a future owner or tenant.
Two to four family property
A piece of property that is owned by one person but provides housing for up to four households.
Two-step mortgage
Two-Year Treasury Constant Maturity
An index published by the Federal Reserve Board based on the average yield of a range of Treasury securities, all adjusted to the equivalent of a two-year maturity.
Type of value
There are many kinds of values, such as market value, tax assessed value, book value, insurance value, use value, par value, rental value and replacement value.
This dictionary contains 6433 terms. |
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