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Glossary of Terms > S > SMART LOANS

SMART LOANS

Another name for option mortgages. The buyer can choose from four payment options each month -- Paying interest only; Making a fully-amortizing payment based on what would amount to a 15-year loan; Making a fully amortizing payment on a 30-year loan; Deferring the interest and making a "minimum payment" of a pre-determined amount.

S Terms

SECOND MORTGAGE

SECONDARY MARKET

SECURED LOAN

SERVICING

SINGLE-FAMILY HOME

SMART LOANS

SUBPRIME LENDING

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