HomeSite MapCompareFinanceDebtCasino Payment of balanceThe mortgage definition for Payment of balance:This usually takes place between a week and a month after exchanging contracts. It is possible to have a simultaneous exchange and completion if you are in a real hurry to get moving. When you complete the sale, your solicitor forwards the remaining balance of the purchase price to the seller's solicitor. You then have the right to take occupancy of the property and are free to move in. Similar MatchesAdditional principal paymentAdditional principal paymentExtra money included in the monthly payment to help reduce the principal and shorten the term of the loan. Annualised payment schemeAnnualised payment schemeAlthough the borrower pays interest at a variable rate, which can change from month to month, the lender charges a set amount of interest each month and then adjusts the balance at the end of the year. Balloon paymentBalloon paymentThe final lump sum payment due at the end of a balloon mortgage. Further SuggestionsEarly repayment periodLate payment Monthly repayment Mortgage payment protection insurance (MPPI) Overpayment Payment default Payment holiday Click to compare definitions of Payment of balance Click to view definitions beginning pa |