Bankers looooove their acronyms:) Your interest adjustment date is the day your first payment is made after your mortgage funds are advanced. If the period of time between you getting your mortgage and you making your first payment is shorter than your regular payment schedule, then the first payment out of your account will be […]
Articles Tagged: definition
Definition of “default”?
Default’s are the biggest “Oops” of the financing world. When someone defaults on their mortgage, it means they’ve failed to make the scheduled payments. Our advice, start talking with our team before you even miss the first payment. We may be able to come up with some strategies to help prevent your situation from going from default […]
definition of “Amortization”
Amortization is the length of time that your mortgage payments are spread out over. A 25 year amortization means that, based on your current rate and payments, it will take approximately 25 years to pay off the total mortgage.
definition of “term”?
The term of your mortgage is the length of time that you have your mortgage contract for, before you have to renew or refinance it again. So for instance, a 3 year term means that the rate and payments you’ve negotiated today will need to be renegotiated in 3 years, unless you choose to do […]