|
||
|
||
| Home | Ask Your Question | Mortgage Glossary | ||
Bi-Weekly MortgageA mortgage which requires 1/2 the normal monthly payment every two weeks. Over the course of the year, 26 half payments are made which is equivalent to 13 full mortgage payments. As a result of this extra payment the loan amortizes much faster than a loan with normal monthly payments. |
|
||||||
|
|
>>>> |
 |
<<<< | ||||
Books about Credit Reports and Credit Repair: |
|||||||
|
|
Search More Info On: |
|
|
Related Mortgage Definitions: Bi-Weekly Mortgage Bi-Weekly Mortgage A mortgage which requires 1/2 the normal monthly payment every two weeks. Over the course of the year, 26 half payments are made which is equivalent to 13 full mortgage payments. As a result of this extra ... more... Reverse Mortgage Reverse Mortgage, Reverse Annuity Mortgage, RAM A form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home. A mortgage used by the elderly that provides income as a way of converting their home equity into a ... more... Assumption Assumption The agreement between buyer and seller where the buyer takes over the payments on an existing mortgage from the seller. Assuming a loan can usually save the buyer money since this is an existing mortgage debt, unlike a new ... more... Delinquency Delinquency Failure to make payments on time. This can lead to foreclosure. First, a mortgage becomes delinquent, when the borrower stops making payments. Second, the delinquency is either reinstated (payments are resumed) or the lender forecloses. ... more... |
||
