The simple mortgage of interest is composed of the daily calculation of the interest rate of interest of borrowers, on the basis of principal balance per hour of the last payment. The calculation of the interest rate of interest is made on unpaid principal balance in opposition to the made up interest.

Facts about Simple Interest Mortgage:

As simple the mortgage of interest supports in advance and the regular payments of mortgage, which are not credited the which had date, there will be a progressive reduction of the interest rates of interest charged with the borrower. But if the borrower fails by carrying out payments of mortgage when they are due, he/she is required to pay very high rates of interest on the quantity due. A borrower is also subjected to a penalty for each day when they are late.