amortization period- the lenght of time in years that you will need to pay off a mortgage.

Equity- the portion of the value of your property that you own

Interest- the cost of borrowing money

principal- the amount you initially borrow

unpaid blance- the portion of the value of your property owed to the financial institution.


Closed mortgage- a mortgage which does not allow payments on the principal

Fixed- rate mortgage- a mortgage with the internet rate locked in for a specified period of time

Open mortgage- a mortgage that allows addictional payments on the principal

variable- rate mortgage a mortgage where the interest rate may change from month to month