Finance
In Hawaii, a loan secured by a first lien on a 1-4 unit residential property is commonly referred to as a:
ACommercial loan
BConventional loan
CResidential mortgage loan✓ Correct
DConstruction loan
Explanation
A residential mortgage loan in Hawaii is a loan secured by a first lien on a 1-4 unit residential property. It is subject to various federal and state consumer protection laws.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
Math Concepts
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