Royal LePage Realty Plus Oakville

Understanding The Language of Mortgages

Here are the meaning of some common terms used when talking about mortgages…

Conventional Mortgage – a mortgage with a down payment of 20% or more of the value of the property
Conventional High Ratio – a mortgage where the down payment is less than 20%of the value of the property
Amortization – the period of time that it will take to pay off your mortgage based on the payment amount and frequency and the rate of interest
Fixed rate mortgage – a mortgage that is set up as a series of predictable regular payments and that is protected from interest rate fluctuations.

This entry was posted in Home Finance.

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