The phrase "mortgage balance" refers to the amount of money that someone still owes to the lender on their home loan. It represents the remaining unpaid portion of the mortgage. Full definition
For example, suppose you have a property that is worth $ 200,000 with a remaining mortgage balance of $ 100,000. (toptenreviews.com)
Mortgage life insurance, or mortgage protection insurance, refers to a set of life insurance products that are designed to pay your outstanding mortgage balance in the case you pass away. (valuepenguin.com)
To calculate your current loan - to - value ratio, divide your current mortgage balance by the approximate value of your home. (debtconsolidation.com)