Mortgage Terms Used by Dreyer Group Mortgages
We have put together some basic information on mortgage terminology, mortgage costs and some tips on how to make an informed decision on your mortgage needs. There are 20 entries in this glossary.
|Payment frequency options||
You will often have the choice of making payments on your mortgage on a monthly, semi-monthly, bi-weekly or weekly basis. Increasing the payment frequency, i.e., bi-weekly instead of monthly, can shorten the amortization of your mortgage and save you a considerable amount of interest.
By law, all mortgages in Ontario are registered as having monthly payments. Any change to this is done by an amendment to the mortgage. This amendment is a privilege and can be revoked in the event of failure to make payments.