Finance
In New York, a 'blanket mortgage' covers:
AA single parcel of real estate with multiple improvements
BTwo or more parcels of real estate serving as collateral for a single loan✓ Correct
CA mortgage with insurance from multiple lenders
DA mortgage covering all personal property in a home
Explanation
A blanket mortgage uses two or more parcels of real estate as collateral for a single loan. It is commonly used in subdivision financing, where the developer's entire project is encumbered.
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Key Terms to Know
Private Mortgage Insurance (PMI)
Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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.
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.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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