Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 3 · column 8 of 10 · from the scan, no model involved
A second mortgage on a property is normally known as a balloon mortgage because only interest is paid during the term of the loan and the principal “balloons" and must be paid in full at the termination. If it’s a six year loan you may start to worry about how to raise the money come year number five.
One of the painless ways is to consider the magic of refinancing. Here’s an example of how it would work.
Say the purchase price was $50,000 and you got a 25 year 8 percent loan with a first mortgage of $35,000 and a second mortgage of $5,000. If the property increased at only 6 percent per year, it would be worth about
93.4%