Mortgage Payment Definition

MORTGAGE | meaning in the Cambridge English Dictionary – mortgage definition: 1. an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself: 2. to borrow money to buy a house: 3. an agreement that allows you to borrow money from a bank or similar organization by..

Mortgage | Definition of Mortgage at Dictionary.com – Mortgage definition, a conveyance of an interest in property as security for the repayment of money borrowed. See more.

DEFINITION of ‘Balloon Payment’. A balloon payment is a large payment due at the end of a balloon loan, such as a mortgage, commercial loan or other amortized loan. A balloon loan typically features a relatively short term, and only a portion of the loan’s principal balance is amortized over the term.

Can You Defer a Mortgage Payment? – Budgeting Money – Definition. When you defer a mortgage payment, you put it off and pay it later. You are still obligated to pay the amount you are responsible for, but you get a month or so with no payment due. Whether a payment deferral will work for you depends on when you attempt to make the deferral and your mortgage company’s policies.

Mortgage legal definition of mortgage – Legal Dictionary – Mortgage. To a borrower, the advantage is that the rate will remain constant, and the monthly payment will remain the same throughout the life of the loan. The lender is taking the risk that interest rates will rise and that it will carry a loan at below-market interest rates for some or part of the 30 years.

Mortgage Payment financial definition of Mortgage Payment – Watson said: "Mortgage payment protection schemes offer shot-term coverage of mortgage payments when a home owner is unexpectedly out of employment or requires assistance due to sudden illness or an unfortunate accident.

Mortgage – definition of mortgage by The Free Dictionary – define mortgage. mortgage synonyms, mortgage pronunciation, mortgage translation, English dictionary definition of mortgage. n. 1. A loan for the purchase of real property, secured by a lien on the property.. (Banking & Finance) of or relating to a mortgage: a mortgage payment. [C14: from Old.

If a borrower goes bankrupt, the lender’s demands for payment are legally subordinate to any claims of the property owner. In addition, if there are any liens on the land–for instance, if the owner.

Just 112 homeowners were given a retirement interest-only mortgage last year – This makes monthly payments cheaper, but means the borrower has to find the money from elsewhere to pay off the mortgage once it ends. count as retirement interest-only mortgages, which by.