The amount of fixed payments or years needed to fully repay the mortgage loan.
A legal agreement signed by a person purchasing a home which obligates the buyer to take on the responsibilities of a mortgage that was originally made by the previous owner.
Monthly payments for the mortgage will remain the same throughout the term, but will include both principal and interest components. The principal portion of the payment will increase each month, while the interest portion will decrease.
The monthly mortgage payments will stay consistent over the term, containing both principal and interest components. The principal portion of the payment will rise monthly, while the interest portion will decline.
Elimination of all liens and debts associated with a property.
A mortgage loan that does not exceed 75% of the appraised value or purchase price of the property, whichever is lower. Mortgages exceeding this limit must have insurance.
Elimination of all liens and debts associated with a property.
A legal process in which the lender gains ownership of the property after the borrower fails to meet their obligations.
Mortgage insurance is a premium paid by the borrower throughout the life of the mortgage, which protects the lender from financial loss in the event of borrower default.
A type of decreasing term insurance that is advised for borrowers. If the owner or one of the owners passes away, the insurance will cover the outstanding balance on the mortgage. The aim is to prevent survivors from facing the risk of losing their home.
The lender.
The borrower.
Mortgage payments including principal, interest, and taxes.
Payment required on a mortgage including principal and interest.
Mortgage payments including principal, interest, and taxes.
A fee charged to a lender for the opportunity to pay off a portion or the entirety of a mortgage before the scheduled time.
You have the option to pay off certain amounts of the principal balance early. Please note that penalty interest may apply if you choose this prepayment option.
The remaining balance owed to the lender at any given point.
The repayment the lender receives for providing you with the loan for the mortgage.
A fixed-rate mortgage is a loan where the interest rate is set for a certain period of time. When this term ends, the mortgage “rolls over,” giving the borrower and lender the option to extend the loan. If they cannot agree on terms, the lender can demand full repayment. The borrower can then explore other financing options.
The term in a mortgage refers to the specific amount of time for which the money is borrowed at a specific interest rate. Once the term ends, you have the option to pay off the remaining balance of the loan or renegotiate the mortgage based on current rates and terms.
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