The definition for Sweat Equity:
A program which allows a purchaser to do work on the property in place of all or part of the down payment and other costs of purchase.
Appel Loan (Accelerating Payoff Progressive Equity Loan)Appel Loan (Accelerating Payoff Progressive Equity Loan)
A residential property loan which calls for a payment increase over the first 6 years. Level payments are made for the remaining years and the loan paid off during the 15th year. There is no prepayment penalty and P.M.I. is required.
The value of a person's interest in real property after all liens and charges have been deducted.
Equity Line Of CreditEquity Line Of Credit
A combination of a line of credit and equity loan. A maximum loan amount is established based on credit and equity. A mortgage (deed of trust) is recorded against the potential borrower's property for said maximum loan amount. The potential borrower has the right to borrow, as needed, up to the amount of the mortgage.
Further Suggestions Growing Equity Mortgage (gem)
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