Understanding your mortgage’s acceleration clause
Most people breeze through the mortgage note as one of the many documents they sign at closing and never give it another thought.
But when you take out a mortgage, you need to understand that paying off the balance over time is a privilege, not a right.
To maintain that privilege, you must continually comply with the terms of your mortgage. If you don't, your lender can call your loan and require you to immediately repay it in full.
Make sure you understand the fine print of your mortgage note so you aren’t caught off guard. Read my Mortgage-Calc.com article, Understanding your mortgage's acceleration clause, for details.
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