Outstanding Mortgage Balance Explained
This simply refers to the total amount tha you still owe the lender.
When you take out a mortgage you have a rather large, and rather complicated loan.
Now you must pay that money back, being a loan, and in order to do so the total figure you repay will be quite radically different from the amount you borrow, often around the double mark.
Each month as you pay off the mortgage gradually the total amount left to pay changes slightly, and this figure is the outstanding mortgage balance.
Once you have paid off that sum, you have paid the debt (although this can be complicated with various fees like exit fees etc and overpayment or early repayment charges if you pay outside the standard payment schedule).
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