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Mortgage Refinancing in Waterville, Maine.
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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).
Home Equity Line of Credit (HELOC) A revolving line of credit secured on the equity in the mortgagor's house, usable for any purpose.
Second Mortgage A mortgage made subsequent to another and subordinate to the first one.
