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It has been estimated that there are over 200 different types of mortgages available to finance residential property today. One of the newest wrinkles is the Growing Equity Mortgage known as a GEM. It is becoming more popular with buyers and bankers because at a time when mortgage financing seems so complicated, the GEM format is relatively straightforward.
Here’s how a GEM might work. A buyer with a 5% down payment arranges a loan at the current market rate with monthly payments based on a 30-year term but with the payment amount increased by 4% per year. The 4% annual in
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