Tag: payment

Credit Score: The number that can fluctuate depending on your payment history. If you pay your creditors on time your score will rise. If you pay late or are delinquent, your score may fall. Related Article: Learn More About Repairing Credit Before Obtain

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Payment Cap: Some adjustable rate mortgages have a limit as to how high a monthly mortgage payment can increase, even when the interest rate is increased. For instance, you may have a payment cap that does not allow the monthly payment to go over $800, bu

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Owner Financing: If the buyer cannot get a mortgage loan due to lack of down payment or derogatory credit, the seller may make arrangements to finance the loan for the buyer. In this case, the buyer would sign an agreement with the seller as to the loan t

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Negative Amortization: If the monthly mortgage payment is not enough to cove r the interest and principal amount due on the loan, the negative difference will be added to the loan. This means that the amount you owe will increase instead of decrease. A go

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Mortgage Note: The legal paperwork of a mortgage loan that specifies the terms of the loan, including the monthly mortgage payment amount, the interest rate, the amount of the loan, and the length of time the term of the loan is for.

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