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working mortgage |
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working mortgage A Fannie Mae product employing electronic payment and mortgage terms synchronized with a borrower's schedule of payroll deposits.Whether a borrower is paid weekly,or twice monthly, mortgage payments can be calculated for that time period and automatically deducted from the borrower's bank account on the day after electronic deposit of the paycheck.It assists the borrower with a more levelized budgeting process and will lead to a faster payoff of the loan because of the effective addition of one payment period each year and the decreased amount of time on which interest is paid. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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