Index tracker mortgage


 

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Index tracker mortgage

The interest rate tracks an index such as the base rate or LIBOR and often has a set percentage added to it. 



Index tracker mortgage

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Take back mortgage

Take back mortgage

A loan made directly from the seller to the buyer.


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Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amounts and times of adjustment are agreed to at the inception of the loan. Also called: Adjustable Rate Loans, Adjustable Mortgage Loans (AML'S), Flexible Rate Loans, Variable Rate Loans.


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A loan that allows a lender or other party to share in the borrower's profits when the home is sold.


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