Many mortgages feature prepayment privileges allowing extra lump sum payments or accelerated bi-weekly payments. Mortgage Term Selection Factors consider type timing goals weighing comparative merits between fixed open variable products determining rate stability flexibility. Smaller banking institutions like lending institution and mortgage investment corporations often have more flexible underwriting. Regular mortgage payments are broken into principal repayment and interest charges. Home buyers should include closing costs like legal fees and land transfer taxes when budgeting.
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