Mortgage Payment
Definition of "Mortgage Payment"
The payment of principal and interest made by the borrower.
Popular Mortgage Terms
A contribution to a borrower's down payment or settlement costs made by a home seller, as an alternative to a price reduction. ...
A lender that sells the loans it originates, as opposed to a portfolio lender that holds them. ...
The sum of all interest payments to date or over the life of the loan. This is not a good measure of the cost of credit to the borrower because it does not include upfront cash payments and ...
Interest that is earned but not paid, adding to the amount owed. For example, if the monthly interest due on a loan is $600 and the borrower pays only $500, $100 is added to the amount owed ...
A documentation rule where the borrower discloses assets and their source but the lender does not verify the amount. ...
A plan purporting to protect FHA homebuyers against property defects. ...
The upfront and/or periodic charges that the borrower pays for mortgage insurance. There are different mortgage insurance plans with differing combinations of monthly, annual, and upfront ...
Interest from the day of closing to the first day of the following month. To simplify the task of loan administration, the accounting for all home loans begins as if the loan was closed ...
Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrowers knowledge, and sometimes despite oral assurances to the contrary. Prepayment ...
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