prepayments

prepayments
prepayment or prepayments
(1) noun - A term used to describe loan or bond principal payments that are made in excess of the scheduled principal payments and before maturity. Any amount paid to reduce the principal before the due date or in excess of the required principal amortization. Prepayments may be voluntary or involuntary. For example, most residential mortgage loan contracts permit the homeowner to voluntarily prepay his or her loan at any time. Involuntary prepayments are liquidations resulting from foreclosures, condemnations, or casualty.
2) verb - The action of making excess or early payments. American Banker Glossary
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Payments made in excess of scheduled mortgage principal repayments. Bloomberg Financial Dictionary
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Cash paid by a company for a service not yet received. Since the provider of the service effectively owes the cash back to the company until the service is performed, the cash paid is shown as a prepayment in the company's balance sheet and is included in debtors. Dresdner Kleinwort Wasserstein financial glossary

Financial and business terms. 2012.

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