Kaelyn Brady, TD Mobile Mortgage Specialist

With rates being so low is now the right time to refinance? Contact me and let's discuss your situation.

No matter where you are in the homeowners journey, there are important terms you should know during the mortgage financing process. Let's start with a few common terms: mortgage, down payment, amortization period, and term. A mortgage loan is a loan from a lender (e.g. a bank), secured by real estate. Home owners pay back the money borrowed over a set period of time, plus interest. A down payment is the initial up-front payment you put towards the price of your home. The re...mainder of what you don’t put "down" is the amount you are borrowing from a lender (i.e., your mortgage). The amortization period is the number of years it will take to pay off your mortgage loan completely, assuming the interest rate and payment amount stays the same. The amortization period you select also impacts the amount of your mortgage payment, and the total amount of interest you will pay. Generally, the shorter your amortization period, the higher your payments will be. However, because you are making fewer payments overall, you wind up paying lower total interest. The mortgage term is the length of time you're committed to your mortgage interest rate, lender, and associated conditions. At TD, mortgage terms range from six months to 10 years, with five years being the most common option. Once your term is up, you may be able to renew your mortgage loan with a new term and rate or pay off the remaining balance.