| 单词 | COMBINATION LOAN |
| 释义 | A loan transaction with the same borrower for two separate loans. the construction costs of a new home at the completion of construction are paid by the first loan. The initial loan is paid off by the additional loan. The additional loan then becomes the permanent mortgage on the home. The first construction loan is typically an adjustable-rate mortgage with the second loan being any available mortgage rate types. |
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