Mortgage Calculator Terminology

Amortization is the process of gradually reducing a debt through instalment payments of principal and interest.

Interest is the surcharge on the repayment of a debt - this is how the lender is paid for the borrowed money.

A Payment Schedule is frequency of your payments, which can have a desirable effect on how fast your mortgage is paid off.

A Mortgage Term is the length of which a lender agrees to loan mortgage funds to a borrower - make sure to renew your mortgage with CanEquity to get the best savings over your term.

Arranging a Mortgage -  Useful tips from the Victoria Real Estate Board.

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