Definition
40-Year Mortgage
An extended-term loan lowering the payment but substantially increasing lifetime interest. Available mainly as a loss-mitigation option or on some non-QM products.
Nearby terms
1031 Exchange
A tax provision allowing deferral of capital gains when investment property is exchanged for like-kind property within strict timelines.
2-1 Buydown
A temporary rate reduction of two percentage points in year one and one point in year two, funded upfront, often by a seller or builder.
Abstract of Title
A condensed history of the ownership of a parcel of land, listing every recorded transfer, lien and encumbrance.
Acceleration Clause
A provision in the note allowing the lender to demand the entire balance immediately if you default.
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