What is the definition of a mortgage payment?

Answer A mortgage payment is a monthly amount paid to a lending institution to pay off the debt incurred in the purchase of a home. The mortgage is a lien against the home. The home itself is the collater... Read More »

Top Q&A For: What is the definition of a mortgage payment

What is mortgage payment protection?

Mortgage payment protection, also referred to as mortgage insurance, is the form of insurance that protects a co-purchaser from bearing the entire weight of a mortgage if the other co-purchaser bec... Read More »

What is the average mortgage payment in the USA?

According to the National Association of Realtors, the average monthly mortgage principal and interest payment is $778 as of May 2010. The monthly mortgage payment constitutes 15.4 percent of your ... Read More »

What Is a capital payment on a mortgage?

Some lenders refer to the principal on your mortgage as "capital." This is the balance of your primary loan amount before interest. You can make capital mortgage payments each month or, with an int... Read More »

What is a mortgage payment holiday?

A mortgage payment holiday is an agreement between a bank and a mortgage holder to temporarily suspend monthly mortgage payments. The suspension may be for one month or for a longer period. Inter... Read More »