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what does fully amortized mean?

what does fully amortized mean?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Fully amortized means as a borrower you need to pay monthly payments calculated on the basis of an amortization schedule over the total time period of repayment or the loan term as fixed upon by you and the lender.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

mcole's picture
mcole | Joined: October 11, 2006 04:26 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

It means the entire amount borrowed is paid off in full over the course of the loan. Unlike a loan with a balloon payment, or interest-only payments, or something similar where the full principal amount due is not paid in full.

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Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the way the world is now how can you trust in buying a home ? and not lose everything you work for go away . and how can your trust a lender that not truthful about everything before you get into your loan?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

ckalvesmaki's picture
ckalvesmaki | Joined: January 28, 2006 06:28 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Sandra.......To answer your questions......you can read your closing documents......if you don't understand them take them to your own attorney......There are a lot of stories in the press about consumers who where"tricked" into getting and ARM.....sorry but it's disclosed in 5 places on a loan closing package......if you don't take the time to read it.....then you are at fault.....on a refi you have a min of three days to review prior to the loan funding......no excuse not to know what you signed.....Real estate in the long generally appreciates.......right now in some markets it's down and in some it's up and in some it's the same.....for the makets that are depressed right now.......they will recover.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

lisa.scherzer's picture
lisa.scherzer | Joined: January 4, 2008 08:48 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

You pay principle from day one. You will pay off that mortgage in a certain number of years.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:01 | Post subject:

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