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mortgage payment definition

Mortgage 101 - Defining some commonly used terms when dealing with mortgages

Albert talks about some commonly used terms when dealing with mortgages: amortization period, term, payment frequency, closed vs open mortgages ...

Is there an official definition of biweekly mortgage payments versus semimonthly and monthly?

We just refinanced our home with our credit union and specifically asked for biweekly payments to pay off faster. They said it would be just a slighty higher interest rate. Biweekly is on our closing papers.


I had a similar problem with my re fi also .... You really need to go to a real estate attorney as these things are very compliocated and can get very "Iffy" depending on the language of the contracts signed ...

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