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Mortgage Loan Glossary

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Vendor take-back mortgage loan

A vendor take-back mortgage loan is a type of mortgage loan you get when the person selling you your real estate (the vendor) is also lending you some of the money to buy their real estate.

Verifiable income

When have verifiable income it means you have steady, provable income like employment or investment income. Verifiable income is one of the ways you can get qualification for a mortgage loan.

Weekly accelerated mortgage loan payments

Weekly accelerated mortgage loan payments are payments that are one quarter (1/4) of the amount of regular monthly mortgage loan payments, that you can make every single week (52 times a year).

So if you make 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).

Weekly normal/non-accelerated mortgage loan payments

Weekly normal/non-accelerated mortgage loan payments are payments that you make every single week (52 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 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.

But if you make weekly accelerated mortgage loan payments, you would end up making the equivalent of one extra monthly mortgage loan payment per year (like 13 monthly mortgage loan payments a year).