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.
A mortgage is amortized over a period of years. This amortization period is the length of time it takes to pay off the mortgage in full. The usual amortization period is 25 years, however,this can be accelerated to pay off the mortgage more quickly or in some cases can be stretched to 40 years to reduce the monthly payment.
Some mortgages are assumable with qualification. This means that should you sell your house before the term of the mortgage is completed, the purchaser can take over your mortgage if they qualify. This allows you to avoid paying a penalty to break your mortgage.