An Alternative Mortgage Instrument (AMI) is any mortgage other than a fixed-interest-rate, level-payment amortizing loan. These instruments are often used to accommodate varying financial circumstances and offer different terms compared to traditional loans.
A Growing-Equity Mortgage (GEM) is a type of home loan where the monthly payments increase annually by a predetermined amount. These additional payments are applied directly to the loan's principal, thereby reducing the loan's maturity period faster compared to a standard Level-Payment Mortgage.
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