SKIP-PAYMENT MORTGAGE
Skip-payment mortgage is a mortgage program that has a special feature. It enables borrowers of the mortgage to skip or in other words, delay payment, on a mortgage. The circumstances of skip-payment mortgage depends on the lender. Most lenders don’t impose additional charges for the skip. The only catch is that the interest accrued in the skipped payment is added to the principal balance. The remaining amortization schedule is the recalculated. This process is called ‘deferred interest’ or ‘negative amortization’.
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