Terms And Phrases To Learn Before House Hunting
- By
Julia Austin
Source: krisanapong detraphiphat / Getty
Amortization
There are several types of mortgages you can take on, but an amortized one combines interest and payment from the start. This means you pay off part of the property’s value, from the beginning, helping you build equity quicker. This is different from an interest-only loan, in which you would only be paying off interest for the first X amount of years, taking longer to build equity.
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