Mortgage Glossary

Amortization:
The number of years it takes to repay a mortgage in full.

Appraised Value
An estimate of the market value of the property used as security for the mortgage.

Blended Mortgage Payment
The mortgage payment consisting of both principal and interest in which part is applied toward the accumulated interest and the remainder is applied toward the principal.

Bridge Financing
A loan required to provide the funds needed for the closing of the property you have purchased to the time of the later closing of the property you have sold.