A short term interim loan for financing the cost of construction. The lender advances funds to the builder at periodic intervals as the work progresses.
|Convertible ARM |
An adjustable-rate mortgage that can be converted to a fixed-rate mortgage under specified conditions.
A termination of the rights of the mortgagor in the property covered by the mortgage; a court process instituted by a mortgagee or lien creditor to defeat any interest or equity of redemption which the mortgagor or debtor-owner may have in the property.
Interest which is computed only on the principle balance.