About Types of Mortgage Products
I’ll walk you through how each product does, or maybe does not meet your needs to help you select the right one for you!
About your Amortization
The time over which all regular payments would pay off the mortgage in full. The number of payments used to calculate the actual mortgage payment. This determines the principal and interest portion of each payment. The interest portion is higher to start with and slowly decreases over time, although the payment (on a fixed term) remains the same
About your Mortgage Term
The number of years or months over which you agree to pay a specified interest rate and the lender commits to not changing it or asking for their money back (except in default of course) ! Also refers to whether it is an open or closed term