Definition: The "Mortgage 650" refers to a type of loan where the borrower requires an LTV of 65% or greater for approval. This means that if the borrower's monthly payment exceeds the amount they can afford, it is considered too high and may cause financial problems such as delinquencies or default. The word "mortgage" refers to any type of debt that a borrower takes out against their home or other property. The term "650" indicates that the loan has a maturity of 650 days (30 years). For a borrower who is looking for a loan with a LTV of 65%, they may be able to qualify for a mortgage with a lower interest rate and less down payment required. However, this does not guarantee success in paying off the loan in full within its terms, as the borrower must work to make timely payments and avoid defaulting. It's important for borrowers to understand the details of their specific situation before applying for a mortgage to ensure that they qualify for a loan with a LTV of 65%.
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