KNOW YOUR TERMS – COMMON MORTGAGE TERMINOLOGY
Knowing the terminology can help.
When you walk into our offices, our goal is to make it a comfortable, educational experience, and to ensure that you end up with the perfect mortgage for your needs. We use a lot of terminology when we work on your file, and sometimes it helps to have a refresher of what they mean.
Here’s a quick round up of 7 mortgage terms you’ll probably hear us say, with links to blog posts that explain them in greater detail. If you have any questions, please don’t hesitate to get in touch.
- Amortization: The length of time it will take to pay off the mortgage at the current rate and pace.
- Rate: the percentage rate of interest you will pay for the term of your current mortgage.
- Lender: the organization that you borrow the money from, that holds your mortgage.
- Credit Score: a numerical assessment of your credit rating.