Tuesday, March 29, 2011

Mortgages difference between the term, amortization and the rate of a mortgage

People sometimes are confused between the term, amortization and the rate of a mortgage. I was asked the following question: Are the rates on your website based on a 5 yr/25 yr amortization?

Thank you


My answer was

Hi M ., Thank you for your real estate inquiry.

Rates vary depending upon whether they are open, variable or 1 to 5 year rates - and this is what affects the actual rate that you will receive .

The amortization, whether it's 25 year or 20 or 30 will determine the payment based upon the rate you have with your mortgage.

Read more about mortgages at this page of my site:


I hope this finds you Happy and Healthy!

All the Best!


A. Mark Argentino P. Eng. Broker Specializing in Residential & Investment Real Estate RE/MAX Realty Specialists Inc. Providing Full-Time Professional Real Estate Services since 1987 BUS 905-828-3434 FAX 905-828-2829 CELL 416-520-1577 mark@mississauga4sale.com Mississauga4Sale.com

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