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.
Mobile or industrial homes, in which the homeowner buys the dwelling unit but not the land it occupies, are often financed by movable property mortgages.
Heavy commercial equipment such as a bulldozer or forklift can also be purchased with a real estate loan.
Real estate loans are often more expensive than traditional mortgages, but government-backed low-interest loans are available for some borrowers.
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.
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.
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.