Secured Loans & Mortgages

 

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Daily interest
Interest on the homeloan is calculated and applied on a daily rather than a monthly or yearly basis. Can lead to big savings.

 

Debt
Money owed to a lender.

 

Default
When one mortgage payment or a series of payments are missed, the borrower is referred to as being in default.

 

Deferred interest mortgage
This is a mortgage where not all of the interest due is paid in the early years. The payment of interest is delayed or deferred until a later date. This type of mortgage is usually for professionals whose income is likely to increase considerably over the mortgage term. This type of mortgage can lead to large increases in the amount of interest owed.

 

Depreciation
The decline in value of a piece of property.

 

Discharge
Completing the payment of the remainder of a mortgage.

 

Discount period
During the discount period there is a lower payment rate below the discount mortgage's main rate. There is usually a early repayment fee if you repay all or a considerable amount of the mortgage during this term.

 

Discount term
Time period or a specific date when your discount period is completed and the mortgage will return to it's main rate.

 

Discounted mortgages
With disocunted mortgages there is a time period where you will have reduced payment rates this will return to the main rate at the end of this term.

 

Down payment
When a percentage or specified amount of the mortgage is paid initially.

 

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