Definition: The term "mortgage key terms" refers to a set of legal terms, conditions, and procedures that must be followed by borrowers in order to secure a mortgage loan.
Here are some key elements of a mortgage key terms:
The borrower will have to make a payment on their principal amount (the portion of the mortgage loan that is borrowed) on time.
There must be a minimum down payment required. This can be as low as 10% or as high as 20%, depending on the lender's policy.
A fixed interest rate will be charged for the life of the loan, and a variable interest rate will be available for some periods during the loan term.
The borrower must maintain good credit score to secure a mortgage.
There is an option to prepay the loan early if the borrower decides to avoid paying the remaining principal amount.
The borrower can make multiple loans with different lenders.
The key terms of a mortgage loan are crucial for borrowers to understand and comply with in order to avoid financial penalties, legal issues, or damage to their credit score.
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