"Amortization"

Literally to "kill off" (root: mort) the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment.

Mortgage glossary and terms by letter

A B C D E F G H I J K L M N O P Q R S T U V W Y Z 0

Was this page helpful? Yes: 0 No: 0 6