Mortgage Glossary
Mortgage Glossary
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- Adjustable Rate Mortgage (ARM)
- A mortgage in which the interest rate is adjusted periodically based on a pre-selected index. Also sometimes known as the re-negotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage.
- Amortization
- The periodic principal pay down of a loan.
- Annual Percentage Rate (APR)
- An interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other financial charges. The APR allows home buyers to compare different types of mortgages based on the annual cost for each loan.
- Assumption
- Taking over a loan and becoming personally liable for the repayment.
