- Apply for a Mortgage
- Contact Us
- Mortgage News
- Library & Statistics
- Rates & Tools
- Mortgage Services
- Home
1-800-604-1864
Professional Listings
Mortgage Statistics
Apply Now
Mortgage Rates
Current Mortgage RatesVariable closed: 1.65% 1 year closed: 1.64% 3 year closed: 1.59% 5 year closed: 1.69% 10 year closed: 2.84% Glossary
Tools
Mortgage Calculators Credit Card Calculators
Search the Glossary
GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
^
50% - Moderately
50% - Moderately
Amortized Loan
Synonyms: | amount, credit, mortgage |
Filed Under: | financial-banking, mortgages |
Tags: | banking, mortgage |
Definition of amortized loan
- amortized loan
- 1. An amortized loan is a loan where the interest and principal are both paid off in their entirety through a series of scheduled payments over a specified amount of time.
Related Terms and Acronyms:
- amortization Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
- interest rate (IR) The rate a lender charges an individual to borrow money.
- loan Letting another party use something of value temporarily.
- mortgage (mtg) A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
-
mortgage calculator
A program that calculates the costs involved in a mortgage or determines what kind of mortgage a person can qualify for.
➥ CanEquity's mortgage calculator has been rated number one by the Globe and Mail. - origination date The date on which a loan is funded.
- origination fee The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
- principal The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
- reconveyance The transfer of title to the borrower after a mortgage has been paid fully.
- remaining term The time it will take to pay off the rest of an instalment loan as scheduled.
More Related Terms and Acronyms
- amortization schedule — Definition
- interest (IN, int) — Acronym & Abbreviation
- original principal balance — Definition
Search the Glossary
Brokers Compare Mortgage Rates
Think the mortgage rate that your bank offered you looks a little high? You're probably right. Unlike a with a mortgage broker, your bank won't shop around for the best rate on the market. Click or tap on the mortgage rate comparison link below and check out the difference for yourself.
The Greatest Mortgage Calculator
Some would say that you can't improve on perfection — we respectfully disagree. We feel our new mortgage calculator is the greatest we've ever made and the best on the internet. Try it today and compare different mortgage rates, terms and amortizations.Apply Online and Secure the Best Rate
Apply for a free mortgage quote today and see what one of Canada's earliest established online mortgage brokerages can do for you. Secure the lowest rates available for up to 120 days from the date of your pre-approval!
|
Tel: 1-800-604-1864 Fax: 1-866-565-1864 info@superbrokers.ca |
© 2000-2020 Super Brokers is Canadian owned and operated by Colloco Enterprises.
All trademarks and logos are the property of their respective owners. All rights reserved.
All trademarks and logos are the property of their respective owners. All rights reserved.