What Is Mortgage Curtailment?
Author:
Sarah SharkeyApr 29, 2024
•4-minute read
As a homeowner, you likely financed your home purchase with a mortgage loan. Although you might’ve been prepared to make the full mortgage payments until the end of the loan term, you could be ready to take on a curtailment of your mortgage.
Essentially, this means you’ll eliminate all or a part of your mortgage ahead of schedule. Ready to learn how mortgage curtailment can work for you? Here’s what you need to know.
What Is Curtailment On A Mortgage?
Let’s start with the basic definition of curtailment. According to the Merriam-Webster dictionary, the word “curtail” means to “make less by or as if by cutting off or away some part.”
In the context of a mortgage, you can “make it less” by paying off your mortgage early, whether that be paying off a part of the loan or the full amount. When you pursue curtailment of your mortgage, you’ll relieve yourself of mortgage debt.