Understanding Mortgages can sometimes be difficult. We have put together some of the more common terms in the industry to help you better understand..

Principal

The Total amount of the Mortgage you are looking for when you apply for a Mortgage. This would include any and all charges related to a Mortgage.

Term

The amount of time you want to use to pay off your Mortgage.

Interest Rates

The percentage amount that the Mortgage Company wants to lend you at and charge you. The rates can be different depending on what company you use for your Mortgage.

Payments

The amount of money you will be paying for your Mortgage. This will include all Principal and all Interest and all other charges.