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
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The total cash required of the home buyer/borrower to close the purchase plus loan transaction or the loan transaction on a refinance. Required cash includes the down payment, points and ...
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