Simple interest mortgage
Definition
A mortgage on which interest is calculated daily based on the balance at the time of the last payment. The daily interest charge within the month is constant -- interest is not charged on the interest charges of prior days. See What Are Simple Interest Mortgages?
Related Terms Other terms related to 'Simple interest mortgage' starting with the letter 'S' Simple interest biweekly mortgage, Settlement costs, Short sale, Seller contribution, Swing loan 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 | 