The Amortization Period is the amount of time it will take to pay off a mortgage by making routine payments.
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Amortization Schedule
An amortization schedule or table for mortgages describes that details the life of the loan or the amortization.
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Amortization Term
The period of time that is required and agreed upon to repay (amortize) an entire mortgage loan.
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Amortized Loan
An amortized loan is a loan where the interest and principal are both paid off in their entirety through a series of scheduled payments over a specified amount of time.
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Anniversary Period
The Anniversary Period is the agreed 12 month period that starts annually on your interest adjustment date or, if you’ve just renewed your mortgage, the date of the renewal.
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Annual Fee
Some cards charge an annual fee and this if for the use of the credit card and is added to your monthly bill.
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Annual Interest Rate
The Annual Interest Rate (AIR) is the annual interest rate that is charged on your purchases that don’t have any interest-free period.
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Annual Mortgage Statement
An Annual Mortgage Statement (AMS) is an annual report or statement sent to the borrower which details the remaining principal amount owing on the loan and the amount paid in taxes and interest for the previous year.
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Annual Percentage Rate
An Annual Percentage Rate (APR) is a yearly interest rate that includes fees and costs paid to obtain the loan. Lenders are required by law to disclose this interest rate. The rate is calculated in a standard way, taking the average compound interest rate over the loan term, so borrowers can compare loans.
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Annual percentage yield (APY)
The percentage disclosed on interest-bearing deposit accounts that reflect the total interest to be earned based on an institution’s compounding method, assuming funds remain in the account for a 365-day year.
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