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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Bimonthly Mortgage

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A relatively recent addition to many mortgage providers’ options. The monthly mortgage payments are split into twice monthly amounts. This type of payment results in 26 payments a year being made which has the effect of making an additional monthly payment every year, resulting in an early termination of the loan.

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