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An acceleration clause is a section of a mortgage contract that can have big consequences: Namely, it can require you to pay off your entire mortgage at once. Even if you miss only one payment.
As another way to compensate for prepayment risk (which is a reinvestment risk), a prepayment penalty clause is often included in the loan contract. [2] "Soft" prepayment terms can allow prepayment without penalty if the home is sold. "Hard" prepayment terms do not allow any exceptions without penalty.
The mortgage runs with the land, so even if the borrower transfers the property to someone else, the mortgagee still has the right to sell it if the borrower fails to pay off the loan. So that a buyer cannot unwittingly buy property subject to a mortgage, mortgages are registered or recorded against the title with a government office, as a ...
Key takeaways. A mortgage accelerator loan can help you pay off your mortgage ahead of schedule, often through a line of credit or a biweekly payment setup. This type of loan might charge an ...
Adjustable-rate mortgage. A variable-rate mortgage, adjustable-rate mortgage ( ARM ), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. [ 1] The loan may be offered at the lender's standard variable rate ...
When you pay off your mortgage, your lender will provide you with paperwork to show you have paid off your home loan in full. You must collect all the necessary paperwork, and in some cases ...
Acceleration is defined in law as a shortening of the time period in which something is to take place. [ 1] The concept of acceleration most often arises within the context of contract law. An acceleration clause, also known as an acceleration covenant, may be included within a contract, so as to fully mature the performance due from a party ...
Power of sale: A power of sale foreclosure is allowed in some states if your mortgage has a power of sale clause in the contract. Once you fall behind on your payments, your mortgage provider is ...