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LSDefine

Simple English definitions for legal terms

flip mortgage

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A quick definition of flip mortgage:

A flip mortgage is a type of loan where someone borrows money to buy a house and then gradually pays it back over time. With a flip mortgage, the borrower can put some of the down payment into a savings account and use the interest to help pay off the loan. This type of mortgage is called a graduated-payment mortgage. The borrower makes lower payments at first and then gradually pays more as time goes on. Eventually, the loan will be completely paid off.

A more thorough explanation:

A flip mortgage is a type of graduated-payment mortgage that allows the borrower to place some or all of the down payment in a savings account. The principal and interest from this account can be used to supplement lower mortgage payments in the early years of the loan. This type of mortgage is useful for borrowers who expect their income to increase over time.

For example, let's say a borrower takes out a flip mortgage for $200,000 with a down payment of $20,000. The borrower places $10,000 of the down payment in a savings account. In the first year, the borrower's mortgage payment is $1,000 per month, but the borrower only pays $800 per month out of pocket. The remaining $200 comes from the savings account. As the borrower's income increases, they can start making larger payments and eventually pay off the mortgage.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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