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Mortgage Loan Glossary

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Balloon mortgage loan payments

Balloon payments are any payments you make in addition to your regular mortgage loan payments. They can be any mortgage loan prepayments you make during your mortgage loan term. Or a single balloon payment can be that final repayment of principal (the amount you borrowed) that's usually left for you to make at the end of your mortgage loan term.

Behind mortgage loan payments

Behind mortgage loan payments are mortgage loan payments that you don't make on the day that you're supposed to. You can only be behind on mortgage loan payments for 15 days.....and then the mortgage loan lender can foreclose on your home real estate or declare power of sale.

Bi-weekly accelerated mortgage loan payments

Bi-weekly accelerated mortgage loan payments are mortgage loan payments that are half the amount of regular monthly mortgage loan payments, that you can make every other week (26 times a year).

So if you make bi-weekly accelerated mortgage loan payments, you'll end up making the equivalent of one extra monthly mortgage loan payment per year (like 13 monthly mortgage loan payments a year).

Bi-weekly normal/non-accelerated mortgage loan payments

Bi-weekly normal/non-accelerated mortgage loan payments are mortgage loan payments that you make every other week (26 times a year), that pay off the same amount on your mortgage loan per year as 12 regular monthly mortgage loan payments would.

So if you make bi-weekly normal/non-accelerated payments, you'll pay off your mortgage loan in the same amount of time as you would with monthly mortgage loan payments.

You can also make weekly mortgage loan payments, and monthly mortgage loan payments.