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When a borrower makes a regular monthly payment to their primary mortgage the amount of the payment that is applied by the lender to reduce the outstanding balance is called what?
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∙ 13y ago
PRINCIPAL :)
Wiki User
∙ 13y ago
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Which is the act of taking away a mortgage?
The act of taking away a mortgage is known as mortgage discharge or mortgage payoff. It refers to the process of paying off the outstanding balance on a mortgage loan, thereby releasing the borrower from the obligation to repay the debt. Once the mortgage is discharged, the borrower gains full ownership of the property.
Reverse Mortgage Calculator?
Reverse Mortgage Calculator Use this calculator to help determine the balance of a reverse mortgage. This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
What is the definition of mortgage decreasing term asurance?
Mortgage decreasing term assurance is a type of mortgage life policy. The size of the policy decreases as the outstanding balance of the mortgage reaches zero.
How do you qualify for a reverse mortgage?
To qualify for a reverse mortgage, the borrower must be at least 62 years old, own their home in full (or be able to pay the balance on their home with the proceeds of the reverse mortgage), and live in that home as their primary residence.
Would cosigning a car loan hurt you for a mortgage?
It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.It may. When you cosign a loan it becomes your own debt. By cosigning you agree to be responsible for paying the loan balance if the primary borrower stops making payments. That's why the bank requires a cosigner. If you apply for a mortgage the lender will figure that debt into the calculations as to your ability to repay the mortgage you apply for.
Where does a payment go if you over pay on a mortgage?
It depends on your banks policies, but usually the overpayment is applied to the principal balance.
How many payments on 1st mortgage until you can get a 2nd mortgage?
This is not determined by the number of payments you make, it is determined by how much equity you have in the home. If the home is worth more than the outstanding balance on the mortgage, you may be able to get a second mortgage or home equity line of credit.
What is a co borrower?
When two people sign a note as co-borrowers they are each responsible for payment of the outstanding debt. If one doesn't pay then the other will be responsible for the entire balance.
What is a co-borrower?
When two people sign a note as co-borrowers they are each responsible for payment of the outstanding debt. If one doesn't pay then the other will be responsible for the entire balance.
What is deferred principal balance on a mortgage?
A deferred balance is one possible method for a borrower to modify a loan. This normally would be done if the borrower is struggling with repayments, but there is a strong prospect that the borrower's financial situation will improve in the long term. Lenders typically will not insist that a borrower already be behind on payments before agreeing to such a modification. The other part of the balance effectively becomes an interest-free loan to be paid off as a lump sum at the end of the mortgage term. The effect is that the person's monthly repayments will be lower because the amount of the principal subject to monthly payments has been reduced. Whether he winds up paying more or less overall depends on whether the loan repayment period is extended for so long that even with a reduced balance subject to interest, the total interest charged increases. A borrower who gets a deferred balance should make plans to have the cash on hand to pay off this balance when the loan period ends.
What statement is correct has outstanding balance or have outstanding balance?
Either verb form could be correct in an appropriate context. Have is used for most tenses, but "has" is used for the third person singular. If my account "has an outstanding balance" then I "have an outstanding balance."
Is outstanding Liabilities can debit balance?
Outstanding liabilities has credit balance as normal balance but it can also be debit balance in case outstanding liabilities has paid more than actual amount of liabilities.
