Alternative Mortgage Instrument (AMI) refers to a range of non-traditional mortgage products that offer flexible terms and varied payment structures to borrowers, often catering to those who need alternatives to standard fixed-rate or adjustable-rate mortgages.
Creative financing refers to any financial arrangement utilized to purchase real estate that deviates from the traditional mortgage offered by third-party lending institutions.
A Deed of Trust is a legal instrument used in many states instead of a mortgage to secure the repayment of a loan. Legal title to the property is vested in one or more trustees, who hold it as security for the loan.
Owner financing, also known as seller financing, is a real estate arrangement where the seller provides a loan to the buyer to purchase the property, bypassing traditional mortgage lenders.
