Direct Reduction Mortgage (DRM)
A fully amortized mortgage necessitating periodic payments of both interest and principal. In the early years of the loan, the share of principal is smaller and the interest larger, a condition that gradually reverses as the end of the period approaches. The periodic payment may also consist of taxes and insurance.
Popular Real Estate Terms
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fee to use a bridge or tunnel. Fee assessed to use someone else's property. ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
One-time charge assessed by a bank or other financial institution at the closing of buying real property. The fee increases the effective cost to the borrower. One discount point translates ...
Guarantee by a seller to a buyer to satisfy, for a specified time period, problems in the quality or performance of items within the home. There is usually no additional charge during the ...
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