Canadian Real Estate / Mortgage Glossary

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Result:1 - Real Estate / Mortgage Glossary
Amortization
The process of gradually paying down the principal of the loan. As each payment toward principal is made, the mortgage amount is reduced or amortized by that amount. This is in contrast to an interest-only payment where the principal balance is never reduced. The normal amortization period for a mortgage in Canada is 25 years, but can be as short as 5 years.

Result:2 - Real Estate / Mortgage Glossary
Amortization Schedule
A detailed table showing the amortization of a loan which includes the beginning principal amount, period payments, the interest portion of each payment, the principal reduction portion each payment, and the ending balance. The Canadian Equity Group has developed a mortgage rate calculator which will generate a perfect example of an amortization schedule.

Result:3 - Real Estate / Mortgage Glossary
Amortization Table
Mathematical formula for calculating a borrower's monthly payments, based on the amount borrowed, the interest rate and the term of the loan.
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Result:4 - Real Estate / Mortgage Glossary
Amortization Term
The time required to amortize (repay) an entire mortgage loan.

Result:5 - Real Estate / Mortgage Glossary
Interest Adjustment Date
The date one month prior to commencement of amortization - when accrued interest computed on the monies advanced becomes due.

Result:6 - Real Estate / Mortgage Glossary
Negative Amortization
A gradual increase in mortgage debt that happens when the monthly payment does not cover the entire principal and interest due. The shortfall is added to the remaining balance to create "negative" amortization.

Result:7 - Real Estate / Mortgage Glossary
Pre-computed Loan
With a pre-computed loan, the interest owed over the life of the loan is calculated using a standard amortization table. Once you sign on the dotted line for this type of auto loan, you're obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the loan.

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