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Cap
A consumer safeguard limiting adjustments to ARM interest rate or mortgage payment's. |
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Equal Credit Opportunity Act (ECOA)
Federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. |
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Interest-only payments
Mortgage payments that include only interest. No loan amortization occurs and, thus, the homeowner does not accrue any equity (unless the home value increases). |
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Second Mortgage
A mortgage made subsequent to another and subordinate to the first one. |
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