An account in which funds are held so that they can be applied as part of the monthly mortgageA loan using your home as collateral. In some states, the term mortgage is also used to describe the document you sign (to grant the lender a lien on your home). It also may be used to indicate the amount of money you borrow, with interest, to purchase your house. The amount of your mortgage often is the purchase price... payment as each payment comes due during the period that an interestThe cost you pay to borrow money. It is the payment you make to a lender for the money it has loaned to you. Interest is usually expressed as a percentage of the amount borrowed.... rate buydownAn arrangement whereby the property developer or another third-party provides an interest subsidy to reduce the borrower’s monthly payments typically in the early years of the loan.... plan is in effect.
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