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alternative mortgage instrument |
Also found in: Acronyms | 0.01 sec. |
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alternative mortgage instrument Any mortgage other than a fixed-rate, fixed-term, fully amortizing mortgage.How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Because lenders set qualification standards in terms of the ratio of current values, and because borrowers had no alternative mortgage instrument to make housing more affordable, those unable to provide a larger down payment were constrained to purchase less costly houses (or to forgo their purchase). |
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