mortgage simple definition: Mortgage Features

Mortgage Features

Mortgage Features. 9.20 Mortgage Rate Update- The Aftermath of the Fed Rate Reduction!

Mortgage Features video duration 2 Minute(s) 7 Second(s), published by Capital Forever on 22 09 2019 - 20:03:00.

Some mortgages offer flexible features that can help save money if you decide to end your term early
Prepayment options offer the ability to make large lump A variable rate mortgage is one in which the rate could fluctuate throughout the term of the mortgage
Did you know? Studies have shown that the borrower .

. A variable rate mortgage is one in which the rate could fluctuate throughout the term of the mortgage
Did you know? Studies have shown that the borrower So what was the result of the .25% Fed Rate Cut?

Some mortgages offer flexible features that can help save money if you decide to end your term early. Prepayment options offer the ability to make large lump sums or accelerate payments in order to pay the mortgage off early and save on total interest paid. A prepayment privilege is the amount you can put toward your mortgage on top of your regular mortgage payments, without having to pay a prepayment penalty. Your prepayment privileges allow you to increase your regular payment by a certain percentage, make a lump-sum payment up to a certain amount or percentage of the original mortgage amount. A prepayment penalty is a fee that your lender may charge if you make more than the allowed additional payments toward your mortgage or if you break your mortgage contract. The prepayment penalty will usually be the higher of an amount equal to 3 months’ interest on what you still owe or the interest rate differential, IRD. A portable mortgage can be moved from one home to another and can be taken on by a new buyer if you sell your home. You also save on closing costs when you port your mortgage.