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There s a new type of mortgage loan which would tailor the payment schedule to the borrower’s needs and abilities. ' Instead of level payments for the life of the loan, payments could be smaller for one period and larger for another period depending on your future earning prospects.
Under the proposed regulations, the borrower and lender would negotiate the repayment schedule as long as each payment would cover interest costs and would be on a fully amortized basis after eight years. Thus, a young couple could arrange smaller payments during the initial years of the term or an elderly couple could
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