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Buy-Down When the lender and/or the home builder subsidized the mortgage by lowering the interest rate during the first few years of the loan. While the payments are initially low, they will increase when the subsidy expires. These are sometimes used to qualify borrowers for a loan amount that they would not otherwise qualify for but will be able to pay in subsequent years as their income increases.
Deferred Interest When a mortgage is written with a monthly payment that is less than required to satisfy the note rate, the unpaid interest is deferred by adding it to the loan balance.
Mortgage A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation the mortgage becomes void.
Revolving Loan A loan with a maximum credit limit that provides the borrower with the ability to disburse funds up to the maximum credit line as needed. The line of credit can be accessed repeatedly as the balance is paid down. A revolving loan functions similar to a credit card and may be accessed by writing a check or a using a debit card.
