The Two Most Common Types of Two-Step Mortgages Are the 8/22

question 63

True/False

The two most common types of two-step mortgages are the 8/22 and 12/18,in which lenders offer a lower interest rate for the first 8 or 12 years and then adjust the rate for the remaining 22 or 18 years.

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Definitions:

Bearer Instrument

A document that entitles the person holding it to ownership or to receive the benefits it confers.

Negotiates

The process of discussing an issue to reach an agreement or compromise between parties.

Farmers Field LLC

A specific entity or company, potentially involved in real estate, agriculture, or sports facility development. However, without more context, further specificity is not possible.

Grain Co-op

An agricultural cooperative organization owned and operated by farmers for the processing, marketing, or selling of grains.