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.

1. Amortization: The length of time it will take to pay off the mortgage at the current rate and pace.
2. Rate: the percentage rate of interest you will pay for the term of your current mortgage.
3. Lender: the organization that you borrow the money from, that holds your mortgage.
4. Credit Score: a numerical assessment of your credit rating.

5. Lien: A claim someone has registered against the value of something you own.
6. Broker: A person authorized to help you get the perfect mortgage for your situation, at no cost to you.
7. Maturity: When your term is up, you will need to renegotiate your mortgage if you have a balance remaining.