Across
- 3. The gradual repayment of a mortgage loan involves regular payments that cover both interest and principal, with schedules showing the decreasing loan balance.
- 4. Short for principal, interests, taxes and insurance.
- 7. The cost of borrowing money, typically a percentage of the loan balance.
- 9. A special account to hold funds for property taxes and insurance.
- 10. Insurance to protect the lender in case of default.
- 11. A process where a mortgage servicer recalculates monthly payments after a large principal payment, resulting in a new schedule with typically lower payments.
- 12. A fee charged to the borrower when payment is not made by the due date.
- 13. Confirms the accuracy of a borrower's financial status, identity, property details, and payment history, reducing risks for all parties.
Down
- 1. The company responsible for managing a mortgage on behalf of the investor
- 2. A document provided by the mortgage servicer that outlines the status of the loan, including the remaining balance, interest rate, due date, escrow details, and payment history.
- 5. A periodic review of the borrower's escrow account ensures sufficient funds for property taxes and insurance. Monthly payments may be adjusted as necessary.
- 6. The process of replacing an existing mortgage with a new one.
- 8. The legal process where a lender takes possession of a property when the borrower defaults on mortgage payments, enabling the lender to sell the property to recover the loan balance.
- 10. The original amount of the loan or the portion that remains unpaid