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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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This is the period over which the mortgage payments are calculated. Although it is often the same period of time as maturity, this is not necessarily the case; for example; a balloon mortgage matures after a much shorter period such as 5 or 10 years but the payments during the 5 or 10 years will be based on a term of 20 plus years.

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