Introduction
Buying a home can be confusing, especially if you’re unfamiliar with all the mortgage lingo. Here’s a glossary of some standard terms to help you get started:
- Amortisation: The process of paying off a loan over time.
- Loan-to-value (LTV) ratio: The amount of your mortgage compared to the property’s value.
- Deposit: The amount of money you pay upfront to purchase a home.
- Settlement costs: The fees associated with closing on a mortgage.
- Default: Failing to make your mortgage payments.
Understanding mortgage terms
Understanding these terms is important before you start shopping for a mortgage. This will help you make informed decisions about your home purchase.
Working with a mortgage broker
A mortgage broker can help you navigate the mortgage maze and find the right loan for you. They can also help you understand all the terms and conditions of your mortgage.
Buying a home is a big decision. But by understanding the mortgage process and working with a qualified professional, you can make it a smooth and successful experience. Let’s work together to achieve the best outcome for you.