Negative Amortization Amortization means monthly payments try large enough so you’re able to afford the desire and relieve the main towards home financing. Negative amortization occurs when the monthly payments don’t security all of the focus pricing. The interest rates that isn’t protected is put into this new unpaid dominating balance. As a result even after and work out of several money, a borrower could possibly get owe more than are due initially of the mortgage.
Notary Societal A person, appointed by state, that may approve this new term off men when signing various files.
Piggy Back Mortgage Funding received, subordinate towards first-mortgage, so you can facilitate closing the original financial
Origination Commission The cost billed by the a lender to arrange loan data files, generate credit checks, examine and frequently appraise a home; usually computed because the a share from par value of your loan.
