FRECI_13-2 - Lecture Preview Florida Real Estate Commission...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 13 – Lecture 2 Types of Mortgages and Sources of Financing Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Discuss a partially amortized mortgage Identify a balloon payment Calculate a loan amount when given certain loan information Calculate a purchase price when given certain loan information Copyright, 2005 3 Vocabulary Terms Balloon payment Partially amortized mortgage Copyright, 2005 4 Types of Mortgages Fully Amortized Partially Amortized Adjustable Rate Biweekly Package Home Equity Purchase Money Mortgage Reverse Annuity Copyright, 2005 5 Partially Amortized Mortgage Level payments Regular amortization Includes principal and interest Principal reduction grows slightly with each payment (Balloon Mortgage) The balance is due BEFORE it is completely extinguished (balloon payment ) Starts out like a fully amortized loan…
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

FRECI_13-2 - Lecture Preview Florida Real Estate Commission...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online