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The thesis is
Prevailing Interest Rates
are the current rates of interest which banks and other financial institutions charge on loans and pay on deposits.
Second Mortgages
A type of mortgage taken out on a property that is already mortgaged, generally used to access home equity.
First Mortgages
A primary lien against real property that takes precedence over all other mortgages or liens, except for statutory liens.
Assumes the Mortgage
Refers to when a person takes over the obligations of a mortgage from the original borrower under the terms of the original loan.
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