This section of my website explains mortgage terminology and how a mortgage works. A mortgage is in simple terms, a loan that you take to buy a home. The loan is secured by the property value and your ability to repay the loan. The amount borrowed is called principal, and the cost of borrowing the money is called interest. The borrower is the mortgagor, and the lender is the mortgagee.
Different types of mortgages Your Down
Payment
Choosing an Amortization Period
Deciding
on a TermOpen versus closed
Short versus long
The effects of interest rates on the term
Payment OptionsMonthly versus bi-weekly vs accelerated bi-weekly
Prepayment privileges
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