| A | B |
|---|
| Advance | Money given by the lender to the borrower |
| Amortization Period | Period over which the mortage is reduced to zero (often 25 years) |
| Blended payments | Equal periodic payments of part principal and part interest |
| Closed Mortgage | Mortage where borrower can only make payments set out in mortgage. |
| Open Mortgage | A mortgage that can be fully repaid at any time |
| Partially Open/Closed Mortage | Mortgage allows for additional payments or increases in payments |
| Mortgagee/Chargee | Lender, usually a bank |
| Term | Life of the mortage contract; when it is up mortgage must be renewed or balance owing paid; usually between 6 months and 5 years |
| Vendor Take-back mortgage | Seller gives buyer a mortgage for part of purchase price to property |
| Private mortgage | Mortgage where the lender is not an institution such as a bank etc. |
| Institutional Mortgage | Mortgage from bank, credit uion, trust company, insurance company. |
