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Repayment term |
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Repayment termThe period of time over which you will repay your mortgage to the lender.Repayment term Similar MatchesRepayment mortgageRepayment mortgageEach month you will make a repayment to the mortgage lender. Part of this payment will go towards reducing the total amount of capital you owe and part of it will be an interest charge on the remaining balance of the mortgage. Unless interest rates change or your introductory offer period ends, you pay the same amount each month. When one of these things does happen, repayments are altered so that the loan is still repaid at the end of the specified term. Prepayment speedPrepayment speedAlso called speed, the estimated rate at which mortgagors pay off their loans ahead of schedule, critical in assessing the value of mortgage pass-through securities. Prepayment feePrepayment feeIn the US, a fee charged to a borrower by a lender when a loan or mortgage is repaid ahead of schedule. In the UK, building societies impose a similar charge, typically binding the borrower to at least three years of repayments if such a charge is to be avoided. FHA prepayment experienceFHA prepayment experienceThe percentage of loans in a pool of mortgages outstanding at the origination anniversary, based on annual statistical historic survival rates for FHA-insured mortgages. Repayment vehicleRepayment vehicleThe means by which a mortgage loan's capital is repaid. Examples include endowments, ISAs and personal pensions. Further SuggestionsZero prepayment assumptionrepayment mortgage Prepayment penalty Monthly repayment Repayment period Early repayment period Prepayment penalty Repayment plan Prepayments Lag response of prepayments |
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