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Select the term associated with mortgage loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is
Select the term associated with mortgage loans that corresponds to each of the given descriptions. (Note: These are not necessarily complete definitions, but there is only one possible answer for each description.) Description This mortgage allows borrowers to make smaller-but gradually and constantly increasing-payments for the first three to five years. At the end of this period, the payments then stabilize at the higher level and are repaid over the remaining life of the loan. Over the life of this mortgage, the interest rate and the monthly payment can be adjusted based on changes in a market interest rate This mortgage provides a borrower with the flexibility to switch from an adjustable interest rate to a fixed rate, usually during the second to fifth year of the loan This loan guarantee is offered by a department of the federal government to lenders who make qualified loans to eligible veterans of the U.S. Armed Forces and their surviving spouses This mortgage, which is usually structured as an ARM and is used to finance the purchase of more expensive properties, allows the borrower to pay only the accrued interest each month for 5 to 10 years. Term Adjustable rate mortgage Biweekly mortgage Conventional mortgage Convertible ARM FHA mortgage insurance Fixed-rate mortgage Graduated-payment mortgage Interest-only morge Two-step ARM VA loan guarantee
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