The amount of money taken out as a loan to finance a real estate purchase is known as ______________.

A/an is an arrangement that transfers an interest in land to be used as security for some legal obligation, most commonly a loan.

The real estate buyer who transfers the land as security for a mortgage loan is known as the ______________ .

____________ is a contract that formalizes the buyer’s promise to repay the debt underlying a home loan.

A mortgage has four distinct characteristics, including all of the following EXCEPT.

Under _______________ mortgage loans arrangements, the interest rate on the loan does not change, so monthly payments remain constant throughout the term of the agreement.

A __________ mortgage loan’s interest rate changes during the term of the agreement, which usually affects the amount borrowers have to pay over time.

__________ mortgage loans become available once a homeowner has built equity, meaning that the value of his or her home is greater than outstanding mortgage loans and judgments.

When lenders do agree to issue a second mortgage, they commonly require a/an _________________ certificate from the first mortgage lender.

If a loan is fully amortized, then __________________________________.