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Additional security fee

The mortgage definition for Additional security fee:

An up-front, one-off fee paid to the lender to protect against the borrower defaulting on the loan. This is usually charged on mortgages of more than 75% of the property value. Also known as Indemnity Guarantee Premium and Mortgage Indemnity Premium.

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Additional principal payment

Additional principal payment
Extra money included in the monthly payment to help reduce the principal and shorten the term of the loan.

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