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aar mortgage glossary – AAR Mortgage https://www.aarmortgage.ca AAR Financial Solutions Fri, 24 Jan 2020 23:03:08 +0000 en-US hourly 1 https://wordpress.org/?v=5.4.15 https://www.aarmortgage.ca/wp-content/uploads/2016/08/cropped-aar_mortgage_approval-1-32x32.jpg aar mortgage glossary – AAR Mortgage https://www.aarmortgage.ca 32 32 Financial Terms to understand your loan/mortgage process https://www.aarmortgage.ca/financial-terms-to-understand-your-loanmortgage-process/ Tue, 31 Dec 2013 19:40:48 +0000 http://aarmortgage.ca/?p=155 Amortization – The length of time that you have to pay the mortgage in full.

Appraisal – The estimated fair market value of the home. Lenders need this in order to approve your mortgage.

Co-signer – A person who signs the home loan with you stating that if you default on the loan, he/she will take over the payments.

Equity – The difference between the amount owing on a mortgage and the value of the home.

Principal – The amount of money you owe on the mortgage – it does not include the interest.

Refinance – Getting a new mortgage on your home and cancelling out your existing mortgage.

Security – This is also called collateral and is usually the home. If you do not repay the mortgage, the lender can foreclose on the loan and take the home.

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