Glossary of Mortgage Terms
When getting a new Mortgage a lot of information is being passed to you. We have compiled a list of Mortgage terminology that may help you better understand what you are signing up for! Agreement of Purchase and Sale – A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed). Amortization Period – The time over which all regular payments would pay off the mortgage. Appraisal – The process of determining the value of property, usually for lending purposes. This value may or may not be the same as…