Mortgage Broker Glossary of Terms

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Amortization — The gradual payment either by equal or periodic installments towards a debt over a specified time, can be up to 35 years.

Appraisal – An estimate market value of a parcel of real estate done by an appraiser at a specified date.

Assumability – The option for a borrower to transfer there mortgage to a different borrower.

Assumable Mortgage – An existing mortgage that can be transferred or assumed by a new borrower.