Interest Accrual Period  Mortgage Glossary

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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Interest Accrual Period

Some mortgages accrue interest on an annual basis and others accrue on a monthly, biweekly or even daily basis. This has a profound difference on the total amount of interest paid as you benefit from any reduction in the capital amount as the year goes on with monthly, biweekly or daily interest. For example, 5% annually on 100,000 amounts to 5,000 a year in interest charges, 5% monthly on 100,000 amounts to 0.05/12(100,000) = 416.67 a month.

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2.99%

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3%

 

 

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Mortgage Glossary

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