skip-payment mortgage


A mortgage that allows a borrower to skip one or more monthly payments for reasons such as illness. There is usually no penalty for skipping a payment, but the unpaid interest is added to the principal of the loan. This type of mortgage is not widely available in the U.S.
Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
skip-day settlement skirt length theory