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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.

Mortgage Terms

NASDAQ

Preferred Lender

 

MORTGAGE TERMS

Amortization Period:
The period of time after which, if all monthly payments are made on time and in full, the loan will be paid in full.

 

Down Payment:
The amount of money provided by the purchaser toward the price of the property (not including legal fees or other acquisition costs).

 

Interest Rate:
The actual cost of borrowing money, charged as a percentage of the outstanding amount owed, and is usually compounded on a monthly basis.

 

Mortgage Amount:
The total amount of money to be borrowed by the purchaser, and applied toward the price of the property.

 

Prepayment Privileges:
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.

 

Preferred Lender:

Donna B. McKeown, Prospect Mortgage

 

313 Washington Street, Suite 302, Newton, MA  02458

 

Donna.McKeown@prospectmtg.com

 

Direct:  617-928-7104

 

Cell:  781-775-7172

 

EFax:  866-377-1272

 

 

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