Mortgage: A loan used to purchase or refinance a home and a security for the repayment of the loan.
Amortization Period – The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however will vary depending on your needs and financial products available through your lender.
Interest: The cost of borrowing and the amount paid on the money borrowed. It is represented as an annual percentage rate applicable to the mortgage.
Mortgage Term – The number of years or months over which you pay a specified interest rate. Terms usually range from six months to 10 years.