How will I receive my payments

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How will I receive my payments

Post  Linn F on Fri Feb 08, 2008 12:23 pm

I know there are more ways than the two I know of to receive payments. Does anyone out there know all 5 ways you can receive payments if your loan is approved?

Linn F

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Re: How will I receive my payments

Post  Lizzy B on Fri Feb 08, 2008 12:44 pm

I know three of them:

# Tenure - equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
# Term - equal monthly payments for a fixed period of months selected.
# Line of Credit - unscheduled payments or in installments, at times and in amounts of borrower's choosing until the line of credit is exhausted.

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Re: How will I receive my payments

Post  Marc Johnson on Fri Feb 08, 2008 3:12 pm

Modified Term-Fixed monthly payments for a set period of time, plus access to line of credit.
Modified Tenure-Fixed monthly payments for as long as you live in the home, plus access to line of credit.

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Re: How will I receive my payments

Post  Walter Cabe on Fri Feb 08, 2008 3:54 pm

To make it simple you may receive the amount in a single lump sum of cash, a credit line, flexible monthly cash advances or any combination of the three.

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