what does maturity date mean on a house loan

Failure to make a payment can result in default whether you have one payment left.
State Laws and Mortgages, the laws of the state where you live govern mortgage loans.
Not all mortgages permit prepayment, however, and those that do may charge a fee.When you make a payment in September, for example, you're covering the interest due for the month of August.Your monthly payment can also change with a rise in property taxes or insurance, if these payments go into an escrow account handled by the mortgage servicing company.A mortgage is a loan secured by property: the house which you've purchased and now own.Interest rate, interest accrues at an annual rate of interest that is fixed at the date of purchase.These operate in a similar fashion to CDs, with one important exception.

Early withdrawal, its possible to withdraw capital before the maturity date, but in most cases an early withdrawal penalty is applied.If a mortgage loan has been extended or renewed, a borrower could pay for sex change theoretically continue making payments for 15 years after the original maturity date and then enjoy immunity from foreclosure on the property.ThesaurusAntonymsRelated WordsSynonyms, legend: Want to thank TFD for its existence?The maturity date refers to the date when an investment, such as a certificate of deposit (CD) or bond, becomes due and is repaid to the investor.Adjustable Interest Rates, most mortgages carry fixed interest rates.The interest earned on a CD is higher than the interest you can earn on savings accounts.CD rates guide to find the best terms for your.When your lender gives a payoff amount, it's usually accurate for about 10 days.This does not change the amount of principal or the maturity date.