Failure to make monthly mortgage payments as agreed, or to meet certain other terms of a mortgage agreement.

This feature (not offered by all lenders) allows you to double up your mortgage payments anytime without penalty. This feature is often associated with the ability to \"skip\" an equivalent number of payments. This can be used either to accelerate the pay-off of a mortgage (as it is an enhanced prepayment privilege) or to manage a volatile cash flow. For example, commission-based individuals such as Realtors could \"double-up\" with each commission cheque, and \"skip\" during low cash flow periods.

The amount of cash paid towards the purchase transaction by the buyer of a home. This is also known as the purchaser\'s initial \"equity\" in the property.