An Adjustable-Rate Mortgage (ARM) is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. The rate initially remains fixed for a period before adjusting at preset intervals.
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.
A Loan Correspondent, also known as a Mortgage Correspondent, serves as an intermediary between borrowers and lenders, primarily offering mortgage products from various financial institutions to clients.
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