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Default Failure to make monthly mortgage payments as agreed, or to meet certain other terms of a mortgage agreement.
Double-Up This feature (not offered by all lenders) allows you to double up your mortgage payments anytime without penalty. This feature is often associated with the ability to "skip" an equivalent number of payments. This can be used either to accelerate the pay-off of a mortgage (as it is an enhanced prepayment privilege) or to manage a volatile cash flow. For example, commission-based individuals such as Realtors could "double-up" with each commission cheque, and "skip" during low cash flow periods.
Down Payment The amount of money (usually in the form of cash) put forward by the purchaser. It represents the difference between the purchase price and the amount of the mortgage loan.
ange of consideration and legal completion of a transaction, involving either a house purchase, a mortgage registration, or both.