A schedule that breaks down how principal and interest are applied with each monthly payment throughout the life of a loan. Usually provided at Closing.

Interest Rate Type. The choices are generally fixed rate or adjustable rate. This choice affects whether your rate and payment changes over the course of the loan or remains the same. Fixed Rate. A fixed-rate mortgage remains consistent over the entire term of the loan.

The Form 1098 —also known as Mortgage Interest Statement—is used to report the amount of interest and related expenses you paid on your mortgage during the tax year. The purpose of a Form 1099 is to record types of income received from sources other than your employer, the discharg...

It is the action of repaying your mortgage (principal and interest) in equal installments over the length of your loan. Amortization is one of the more difficult mortgage terms to grasp, but it makes budgeting a mortgage payment easier.

Breakdown. Here are the key elements included in your monthly statement, along with a visual guide to help you locate them: 1. Statement Information. This is your basic information, like the date your statement was generated, loan number, amount due, and payment due date. 2. Explanat...

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. Describes amortization schedule, where to view yours, and how to calculate changes.

Using our mortgage payoff calculator, you can see how any amount of extra principal can change not only how quickly you pay off the mortgage, but also how much total interest you’ll end up paying. Describes amortization schedule, where to view yours, and how to calculate changes.

Find answers to common questions about mortgagee clause, a term that refers to the lender's interest in your property. Learn how to update your mortgagee clause if your loan was transferred to Mr. Cooper and what to do with optional insurance products.

Interest Rate – Your interest rate stays the same, which could be a benefit over refinancing if you’ve already locked in a low rate—or a negative if your rate is particularly high for the current market.

Also, see how extra payments can affect your amortization schedule and total interest. Learn what an amortization schedule is, where to find it in your online account, and how to request one if you don't se...