Mortgage language can feel heavier than it needs to be. This glossary keeps the most common terms short, practical, and easier to understand before you make a decision.
Related pages: Book a mortgage call, Start your application, Contact our mortgage team, and Mortgage Rates.
The total length of time over which the mortgage balance is scheduled to be repaid.
A professional estimate of the property’s market value.
Expenses due around closing, such as notary fees, transfer duties, and adjustments.
Measures lenders use to see how mortgage and other debt payments fit within income.
A mortgage rate that stays the same during the selected term.
A home equity line of credit that provides revolving access to available equity.
A mortgage that requires default insurance because the down payment is below the uninsured threshold.
The date your current mortgage term ends and the balance becomes due for renewal or repayment.
An early review of the borrower’s qualification before a property is finalized.
The process of choosing a new term and rate when the current mortgage reaches maturity.
Replacing or changing the mortgage to alter the amount, term, rate, or structure.
A mortgage rate that can move with the lender’s prime rate or another benchmark.
Send us the question and we will translate the mortgage language into a real next-step conversation.
Related pages: Book a mortgage call, Start your application, Contact our mortgage team, and Mortgage Rates.
