Level Payment Mortgage


Definition of "Level payment mortgage"

Heidi Everywhere Group
Heidi Everywhere Group Engel & Volkers

Each payment made by the borrower is equal each period, usually monthly. Each payment is comprised of principal and interest. Interest is based on the beginning balance. The cash paid less interest represents the reduction in principal.

Have a question or comment? We're here to help.

 
 
 
*** Your email address will remain confidential.
 
 

Search Real Estate Terms

 

Popular Real Estate Terms

Term Loan

Intermediate - to long-term collateralized loan granted to a business by a commercial bank, insurance company, or commercial finance company such a ...

Improvement

A capitalized expenditure usually extending the useful life of a building or improving it in some manner over and above the original condition. In con ...

Month-to Month Tenancy

A tenancy in which no written lease is involved, rent being paid monthly. It can be renewed for each succeeding month or terminated at the option of e ...

Monument

An iron pipe, stone, tree, or other fixed point used in making a survey. ...

Monterey Architecture

A two-story house characterized by a balcony spanning the width of the second story. Monterey architecture was adopted from the early California Spani ...

Rezoning

Modification made by a municipality to the zoning of a locality. A change in zoning typically has to be requested and approved by a zoning commission ...

Popular Real Estate FAQ

What Is PITI And What Does It Stand For?

PITI is the total monthly payment you make on a house-Principal, Interest, Taxes, and Insurance. ...

Besides Making My Monthly Mortgage Payment, How Can I Build Equity Into My House?

When making your monthly mortgage payment, try to send a little bit more. This will go directly to the principal of the loan rather than the interest ...

What Is A Closing?

The process of finalizing all the dealing associated with the sale and purchase of a home. (Also known as a settlement) ...

Is Depreciation Common?

Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it\'s a great investme ...

What Is A Buyer's Agent?

On most transactions, there is usually a listing agent and a selling agent. The selling agent is sometimes referred to as the buyer\'s agent, because ...

What Are Comparables Or Comps?

Recently sold properties that are similar in size, location, and amenities to the home for sale. These properties help an appraiser determine the fair ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

How to Defray the Hidden Costs of Home Ownership When to buy a house Real Estate Open House - The Dos and Don How To Choose A Realtor® Why Use a Real Estate Agent?

FAQ

What does FSBO mean? What is PITI and what does it stand for? What is cooperative? What is a principal? What is the APR for This ARM Loan?