Glossary of Common Terms Used During the Mortgage Process

APR - This stands for Annual Percentage Rate. It enables you to compare the full cost of the mortgage. Rather than just being an interest rate, it includes up front and ongoing costs of taking out a mortgage. The formula for calculating APR is set by Government Regulations and therefore enables direct comparison of the cost of mortgages.

Capital and Interest Mortgage - This is when part of your monthly payment contributes to paying off the outstanding mortgage in addition to paying the interest on the mortgage. The payments are structured so that at the end of the term, your mortgage will have been completely paid off. For this reason this type of mortgage is also called a Repayment Mortgage.

First-Time Home-Buyers: How Much Do You Really Need To Save?

Singles, Couples, Families -- At Some Point Almost Everyone Turns Their Financial Attention To Buying A Home. But How Much Do We Really Need To Save The First Time Out? How Much Is Enough To Handle The Typically Steep Curve Of Down Payments And Closing Costs?

When It Comes To Saving For A Home, There Are Some Helpful Rules Of Thumb. But Then, There Are Also Alternatives For Buyers Who Need A Leg Up. Let's Look At The Basics And Some Workarounds When Considering Approaches That First-Time Buyers Can Take To Getting Through The Front Door Of Their First House.