What do we mean by a mortgage program

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What do we mean by a "mortgage program"?

There are many types of real estate financing programs. For instance, there are:

1. Traditional 30-year loans

2. Interest-only loans

3. Variable interest rate loans

4. 15-year loans

5. "No Doc" loans.

How do 15-year loans differ from traditional 30-year loans?

Explain the rationale behind the difference, and explain the pros and cons of the 15-year loan plan.

Reference no: EM133148621

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