Getting To Grips With

Mortgage Terminology
For most of us, trying to make sense of the terminology surrounding mortgages
can be mind boggling to say the least. But, with this short guide to the most
commonly used words and terms, you can begin to turn nonsense, into sense:
Amortization period
This is the period in which you will be required to pay off your mortgage in its
entirety, with all conditions met and all payments made on time. How much your
monthly payments are, is determined by the length of the amortization period.
Closing costs
These describe all of the fees associated with buying a home, such as legal fees,
transfer fees, and disbursements, and are due on the day the buyer officially
takes ownership of the home.
Conventional mortgage
Not typically requiring mortgage insurance, these loans are equal to or less than
80% of the value of a property.
Deposit
This is the amount of money that buyers use to show they are serious about
purchasing a property, and is held by the real estate agent or a lawyer until the
point of sale.
Equity
Increasing over time, equity is the cash value of a home once the owner has
subtracted the mortgage or other debts owed on the property.
 Interesting, right?
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