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Term of the Day
3-2-1 buydown
30-Year Treasury
3/27 adjustable-rate mortgage - 3/27 arm
Definition
Method for helping
borrowers
with low
income
in qualifying for a
loan
, this type of
mortgage
starts
with three temporary
interest rates
that will
increase
until a
permanent
rate
is set. Sometimes offered by home builders as an
incentive
in attracting
buyers
.
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