Interest Accrual Period
The period over which the interest due the lender is calculated. The interest accrual period may or may not correspond to the payment period. On the annual accrual mortgages in the UK, payments are made monthly. On most monthly accrual mortgages in the U.S., payments are also made monthly, but in some cases payments are made biweekly. On biweekly accrual mortgages, payments are made biweekly. On daily accrual mortgages, payments are made monthly or biweekly.
Popular Mortgage Terms
A derogatory term for lender fees that are expressed in dollars rather than as a percent of the loan amount. ...
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Using a brokers time and expertise to become informed and creditworthy, then jumping to the Internet to get the loan. ...
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Cost-of-Funds Index, one of many interest rate indexes used to determine interest rate adjustments on an adjustable rate mortgage. ...
The sum of all interest payments to date or over the life of the loan. This is an incomplete measure of the cost of credit to the borrower because it does not include upfront cash ...
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