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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.
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 ...
For example, say you buy a house for $500,000 with a $100,000 down payment and a $400,000 mortgage. To protect your investment, you purchase a homeowners insurance policy with $500,000 worth of ...
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 ...
Common area maintenance charges ( CAM) are one of the net charges billed to tenants in a commercial triple net (NNN) lease, and are paid by tenants to the landlord of a commercial property. A CAM charge is an additional rent, charged on top of base rent, and is mainly composed of maintenance fees for work performed on the common area of a property.
Hire purchase. A hire purchase ( HP ), [ 1] also known as an installment plan, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repaying the balance of the price of the asset plus interest over a period of time. Other analogous practices are described as ...
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 ...
So, if your outstanding loan balance in year two is $295,000 and you pay your mortgage off, the lender could charge a prepayment penalty of up to $5,900. How do you prepay your mortgage?