An 80-10-10 mortgage consists of two mortgages: the first is a fixed-rate loan of 80% of the value of the home; the second - 10% as a loan secured by equity capital; and the remaining 10% as a down payment in cash.
This type of mortgage scheme lowers the down payment on a home without having to pay private mortgage insurance (PMI), helping borrowers get a home more easily with upfront costs.
However, borrowers will face relatively high monthly mortgage payments and may face higher managed loan payments if interest rates rise.
2/28 adjustable rate mortgages (ARM) offer an initial fixed rate for two years, after which the interest rate is adjusted semi-annually for another 28 years.
A movable property loan is secured by a movable item or movable property that is used to purchase the loan. The creditor has the right of ownership of the movable property.
The holiday act literally releases the parties to the transaction from previous obligations, such as payments on the terms of the mortgage, because the loan is repaid.
An FHA 203(k) loan is a government-secured mortgage loan, which is essentially a construction loan that finances both the purchase and renovation of a home.