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Mortgage Refinancing in Port Charlotte, Florida.
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Amortization The gradual repayment of a mortgage by installments. As you pay back the loan, an increasing amount of each payment is applied to principal and a lesser amount is applied to interest. Amortization is also a process of spreading a cost that is incurred upfront over the term of the loan or life of the asset.
Conventional Mortgage A mortgage securing a loan made by private investors without governmental participation (not F.H.A. insured or V.A. guaranteed).
Gross Monthly Income The total monthly income earned before taxes and any other deductions.
Purchase Money Mortgage A mortgage given by the purchaser to secure a loan for part or all of the purchase price. Such a mortgage becomes a lien on the property simultaneously with the passing of title, and if immediately recorded becomes prior to any lien against the purchaser.