Mortgage Blog
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Mortgage Terminology 101
August 9, 2021 | Posted by: Marc Crossman
Thinking about buying a home? Then you may feel like you're encountering a whole new language. Here are a few terms that are helpful to know throughout the mortgage process:
1. Annual Percentage Rate (APR): The mortgage interest rate plus any other fees or charges associated with your payment.
2. Amortization: The process of paying down the principal and interest of a loan over time.
3. Closing costs: Fees and charges due at the time of a real estate closing, which may include loan origination fees, title insurance, credit report charges, and more.
4. Equity: The monetary difference between your mortgage balance and the actual market value of your home.
5. Underwriting: The process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan.
We are here to answer any questions that you might have during the loan process and beyond, contact us today at 780 701 3888 or marc@albertamortgagepros.ca
