Mortgage Terminology

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Across
  1. 1. a clause that allows a homeowner to prepay a portion of the principal if desired
  2. 3. an overdue payment
  3. 7. the replacement of current mortgage financing with new financing
  4. 9. the process of paying off a mortgage in regular payments composed of both interest and principal
  5. 10. refers to a line of credit that is registered against a homeowner’s home, using the equity available
  6. 13. the lender or creditor
  7. 14. a claim against a property to secure the payment of a debt or other obligation
Down
  1. 2. the homeowner or debtor
  2. 4. refers to when a mortgage is in violation of the mortgage commitment signed by the homeowner(s)
  3. 5. the remaining balance of a mortgage is paid down to $0 and no debt remains
  4. 6. the total amount of a mortgage, upon which interest is based
  5. 8. an option available to the homeowner allowing for renewal into another term, prior to the maturity date of the current term
  6. 11. a loan provided to homeowners to provide financing for purchase, pending closing of the sale of their existing property
  7. 12. the actual length of time for which the money is loaned and the interest rate is guaranteed