Simple Interest Mortgage
Definition of "Simple Interest Mortgage"
A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage.
Popular Mortgage Terms
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Limit on the size of payment change on an adjustable rate mortgage. ...
A revers mortgage program administered by Fannie Mae. ...
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The initial interest rate on an ARM, when it is below the fully indexed rate. ...
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