Читать книгу Complete Home Buyer's Guide For Canada - Geraldine Santiago - Страница 5

Obtaining a loan to finance the purchase of your new home will probably mean that you must fill out a document called a mortgage application. Your mortgage will set out the terms and conditions for the loan and its repayment. Mortgage payments consist of a principal sum (the amount borrowed) and interest (the cost to you of borrowing money). The best plan for any type of mortgage is to minimize the amount of interest you pay, and lenders offer several ways to help you do this. A larger down payment means that your home ultimately costs less because a smaller mortgage means less interest paid in the long term. Also, a mortgage with a shorter term means that although there are higher monthly payments, less interest will be paid.