Additional Finance Info
Mortgage 101 by Karen Nickel, M. Arch.
With over 175 informative documents and interactive tools, Mortgage 101 can help you find the answers to your mortgage questions. View current interest rates, sign up for a monthly newsletter, use interactive calculators and more.
The period of time after which, if all monthly payments are made on time and in full, the loan will be paid in full.
The amount of money provided by the purchaser toward the price of the property (not including legal fees or other acquisition costs).
The actual cost of borrowing money, charged as a percentage of the outstanding amount owed, and is usually compounded on a monthly basis.
The total amount of money to be borrowed by the purchaser, and applied toward the price of the property.
The right of the borrower to pay out all or part of the outstanding principal before it comes due.
Term of the Mortgage:
The period of time during which the loan contract is active. During this period, the Borrower makes periodic payments (usually monthly) to the lender and at the end of the term the balance of the loan becomes due.
Donna B. McKeown, Prospect Mortgage
313 Washington Street, Suite 302, Newton, MA 02458