is the total length of time it will take you to pay off your mortgage. If your down payment is less than 20 percent of the purchase price of your home, the longest amortization period allowed is 25 years.
An estimate of the value of property made by a qualified professional based on an appraiser’s knowledge experience and analysis of the property.
An individual in the business of assisting in arranging funding or negotiating contracts for a client but who does not loan the money himself. Brokers usually can compare options with several companies, unlike a bank.
A report documenting the credit history and current status of a borrower’s credit standing.
A credit rating or score (also called a Beacon or a FICO score) is not part of a regular credit report. It’s a mathematical formula that translates the data in the credit report into a three-digit number that lenders use to make credit decisions.

The numbers go from 300 to 900. The higher the number, the better.

Money paid to make up the difference between the purchase price and the mortgage amount.

First time home buyers of a property worth up to $500,000 can put 5% of the property value as down payment .

If the property is worth more than $500,000 home-buyers have to put at least a down payment of 10% on the portion of the price of a home over the $500,000 mark.

Equity is defined as the difference between the appraised value of your home and how much of your mortgage you have left to pay off.
The highest price that a buyer would pay and the lowest price a seller would accept on a property. Market value may be different from the price a property could actually be sold for at a given time.
Money paid to insure the mortgage when the down payment is less than 20 percent.
A type of term life insurance. In the event that the borrower dies while the policy is in force the mortgage debt is automatically paid by insurance proceeds.
The process of determining how much money you will be eligible to borrow before you apply for a loan.
A mortgage made subsequent to another mortgage and subordinate to the first one.