Glossary of Mortgage Terms Adjustable Rate Mortgage (ARM): A mortgage in which the interest rate is adjusted periodically according to a pre-selected index. Annual Percentage Rate (APR): A term used in the Truth-in-Lending Act to represent the percentage relationship of the total finance charge to the amount of the loan.
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Mortgage acronyms defined. If you’ve ever shopped for a mortgage, you’ve probably been overwhelmed by an alphabet soup of acronyms that seem to be designed to confuse the borrower at every turn.
The repayment of a mortgage loan by installments with regular payments to cover the principal and interest. Amortization term The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of months. For example, for a 30-year fixed-rate mortgage, the amortization term is 360 months.
If you apply for a $160,000 mortgage loan the principal balance is $160,000. Term The term of your mortgage is the duration your lender has given you to pay back the loan. If you take out a 30 year fixed interest rate mortgage you have 30 years or 360 months to pay the loan back. Terms vary depending on the type of mortgage.
What Is The Lowest Mortgage Rate Available Best Mortgage rates ontario – Lowest Fixed & Variable Rates. – Mortgage Rates in Ontario change very frequently. If you want the lowest mortgage rates Ontario has to offer, then you have visited the right website. With information about all the mortgage rates Ontario has, your search for the cheapest and most affordable way to own a house has successfully concluded!
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Mortgage Terms For "Dummies": Understanding Mortgage Jargon If you are a first-time homebuyer chances are you may not be well versed with the countless mortgage terms and definitions that loom over the buying process.
Payment Shock – a sudden, large increase in the monthly mortgage payment as a result of an adjustable-rate mortgage or through a refinance with new financing terms. Piggyback Mortgage – a second mortgage that closes simultaneously with the first mortgage to reduce the total necessary down payment.
The next thing you’ll want to do is prepare for a whole lot of jargon. The home-buying process is complicated, to say the least. There a plenty of steps between pre-approval and closing and you’ll want to understand all the mortgage terms sure to be thrown your way in between. That’s why we’ve put together this handy mortgage glossary.