Blogs

Mortgage Solutions That Help You Stay On Track

When we first met Eleanor and Jason, they were a young couple buying their first condo together. Fast-forward 5 years to their mortgage renewal date, and a lot had changed in their world. Eleanor had started a new job several months prior to the renewal, and the couple had just gotten married. They were carrying a bit of debt from the wedding, and also wanted to save for the future so they could move into a single-family home.

Do you know the difference between the term of the mortgage and its amortization? If you're a first time home buyer, you might have heard both words used without explanation – sometimes interchangeably – and even an experienced homeowner can confuse the two. Understanding some of the basic words and phrases that your mortgage broker uses on a daily basis can help you feel more comfortable and informed during the mortgage process.