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Loan and Mortgage Terms Glossary

Interest:

A fee paid for using money that belongs to another, usually expressed as an annual percentage of the amount used. A financial institution makes periodic payments of interest to savers for the use of their deposited funds. A borrower pays interest to the financial institution for the use of its funds.

In Mortgage terms the amount of the entire mortgage loan which does not include the principal.  Also, as a part of PITI, the amount of the monthly mortgage payment which does not include the principal, taxes, and insurance.


 
     
 
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