Amortization Period: The length of time in years that you will need to pay off a mortgage.
Equity: The portion of the value of your property that you own.
Interest: The cost of borrowing money.
Unpaid Balance: The portion of the value of your property to the finacial institution.
Closed Mortgage: A mortgage which does not allow payments on the principal.
Fixed-Rate Mortgage: A mortgage with the interest rate locked in for a specified period of time.
Open Mortgage: A mortgage that allows additional payments on the principal.
Variable-Rate Mortgage: A mortgage where the interest rate may change from month to month
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