Terms that are on use on this site.
There are 59 entries in this glossary.| Term | Definition |
|---|---|
| Amortization |
The process of paying off the principal balance owed of the mortgage through scheduled, systematic repayments of principal and extra payments of principal at irregular intervals. Usually associated with a target period (the standard being 25 years) over which the initial blended payment is calculated. The maximum amortization period available in Canada is 40 years. |
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