I am about to buy a house, and have looked into different types of mortgages. The mortgage contracts can vary quite a lot so I have found, and I also see that many of them have an acceleration clause. What does this mean for the mortgage holder concretely? Please give me some clues.
It is not that difficult really. It means that when you don't meet some of the conditions as they are set out within the mortgage contract, then the mortgage lender can seek an acceleration. This means that they can ask you to pay up the whole sum or loose the mortgage and the house. Just sticking to the contract would be wiser!
