HELP! | Amortization Type: |
Fixed Rate: | A
Fixed-Rate
real estate loan is usually repaid over a 15 to 30 year term at an unchanging
monthly payment and interest rate. Select "Fixed Rate" if
this is the amortization type you're applying for.
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GPM: | Graduated
Payment Mortgage is a loan in which the monthly payments increase
by a certain percentage each year for a predetermined number of years and
are then fixed for the remaining loan term.
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Adjustable: | An
Adjustable Rate Mortgage (ARM) is a loan with a payment and interest
rate that fluctuates to reflect the index the ARM is based on. Select
"Adjustable" if you know you are applying for an ARM.
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If ARM (type): | If
you selected "ARM" and know the type of arm you're applying for, list the
type in the field provided. Your loan officer will be able to tell
you the ARM type. If you don't know the type, leave the field blank.
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Other: | Select
"Other" if you are unsure what amortization type to enter or if
none of the explanations apply to your loan.
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If Other (explain): | If
you selected "Other" and know the amortization type, enter the other type
in the field provided. If you know that your loan is different than
any of the selections above, but don't know the type, leave the field blank.
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