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Bridge Loan: If you find the home you want to purchase before you have sold your current home, you can take out this type of loan in which the equity in your current property is used as the downpayment on the new property you are purchasing. Once your cur
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Balloon Payment: The balance of the entire loan amount that is due in one final large payment at the end of a balloon mortgage.
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Balloon Mortgage: When a buyer acquires this type of mortgage they are required to make payments for a certain amount of time. After this specified period of time, the buyers has to pay the mortgage loan in full. The time period is usually for 5 to 10 yea
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Amortization Schedule: The statement from your mortgage lender that shows you exactly what your monthly mortgage payment is, how much is going toward your principal loan amount, how much is going toward interest, how much is going into your escrow account
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Amortization: The process of paying off your mortgage with payments due every month for a certain amount of years.
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Acceleration Clause: This is written into mortgage contracts in case you miss a payment and go into default with your loan. If this happens, the lender can demand full payment of the balance due on your mortgage.
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