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JUMBO LOAN A mortgage larger than the $240,000 limit set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." DEFAULT Failure to fulfill a duty or promise or failure to perform any obligation or required act. The most common occurrence of default on the part of a buyer or lessee is non-payment of money. CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. PENTHOUSE An apartment located on the roof of a building, or more commonly, an apartment on the top floor of a building. PRIME RATE The minimum interest rate charged by a commercial bank on short-term loans to its largest and strongest clients(those with the highest credit standings). |
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