Amortization An amortization essentially refers to the time period of paying off your loan, including its principal, and interest. If you were able to get a 20-year fixed rate... continue reading →
Term of Mortgage The term of a mortgage loan refers to the period used to calculate the monthly mortgage payments. While it can be used interchangeably with maturity, a... continue reading →
Interest Interest refers to the cost or rate you pay to borrow money from the lender or bank. This is usually expressed in terms of the percentage of the... continue reading →
Principal The amount of money that you borrowed from the lender to buy your house is called the principal. It can also refer to the amount that has not... continue reading →
Understanding Basic Mortgage Terms Buying your own home is an exhilarating experience but with the numerous steps involved in the process, it can be an overwhelming time as well.... continue reading →
Understanding the Concept of Borrowing Power So before you find yourself in that scenario, you need to honestly figure out how much you can really afford for your mortgage... continue reading →