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Today’s $$ Word: Underwater.

Underwater: That’s when the amount of a loan is more than the thing you borrowed it for is worth. For instance, if you get a $300k mortgage loan, but the real estate market crashes and your house now has a market value of only $250k, your mortgage is considered underwater.

By | 2017-01-23T08:55:12+00:00 September 8th, 2014|Word of the Week|0 Comments