Definition
Payment Period
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The payment period of a housing loan is the period in which a borrower is supposed to make payment towards it.
In most cases, the payment period is one month. This is why most homeowners make monthly repayment for their home loans.
However there are exceptions as in unique circumstances, sometimes the payment period can vary.
The bimonthly mortgage is one example of a payment period other than monthly.
Forbearance agreements can also cause payment periods to deviate from on that is monthly.
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