An 80-10-10 mortgage is a piggyback mortgage where the first mortgage covers 80% of the home's value, the second mortgage covers 10%, and the remaining 10% is a cash down payment. This structure helps homeowners avoid mortgage insurance.
Deferred payments refer to the payments that are postponed and scheduled to be made at a future date. Commonly utilized in various financial contexts, it allows borrowers to delay payments of the principal or interest.
A term loan is a loan with a set maturity date, typically borrowed with little to no amortization of the principal balance, requiring a significant payment at the end of the term.
