Payment power
Definition
A program begun by Fannie Mae in 2003-4 that allows a borrower to skip up to 2 mortgage payments in any 12 month period, and up to 10 over the life of a loan. See Mortgage Payment Flexibility Under "Payment Power" and How Would a Truly Flexible Mortgage Work?
Related Terms Other terms related to 'Payment power' starting with the letter 'P' Payment rate, Primary residence, Pick a Payment ARM, Pre qualification, Paydown magic Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 