Mortgage

Mortgage

The business of lending money for the purchase of real property which is repayed in security interest.

Contributors in Mortgage

Mortgage

A mortgage loan that requires the remaining principal balance be paid at a specific point in time. For example, a loan may be amortized as if it would be paid over a thirty year period, but requires ...

biweekly mortgage

Real estate; Mortgage

A mortgage in which you make payments every two weeks instead of once a month. The basic result is that instead of making twelve monthly payments during the year, you make thirteen.

conventional mortgage

Real estate; Mortgage

Refers to home loans other than government loans (VA and FHA).

balance

Banking; Mortgage

The amount of the original loan remaining to be paid. It is equal to the loan amount less the sum of all prior payments of principal.

acceleration clause

Banking; Mortgage

Condition in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made or for breach of other conditions of the mortgage.

accrued interest

Banking; Mortgage

Interest that is earned but not paid, adding to the amount owed.

affordability

Banking; Mortgage

A consumer's capacity to afford a house. Affordability is usually expressed in terms of the maximum price the consumer could pay for a house, and be approved for the mortgage required to pay that ...