Simple Interest Mortgage
Definition of "Simple Interest Mortgage"
A mortgage on which interest is calculated daily based on the balance on the day of payment, rather than monthly, as on the standard mortgage.
Popular Mortgage Terms
The federal law that specifies the information that must be provided to borrowers on different types of loans. Also, the form used to disclose this information. Truth in Lending (TIL) is ...
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The payment of principal and interest made by the borrower. ...
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A lender offering loans on the Internet who provides mortgage shoppers with the information they need to make an informed decision before applying for a mortgage and guarantees them ...
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