Almost all home buyers need to obtain a mortgage in order to afford their home. For this reason there are numerous home loan options from a host of different lenders. GreenPoint Mortgage realizes you have a choice in lenders and that you have many competitive offers for your home finance needs. GreenPoint respects the competition and strives to create unique and personalized home loans and payment plans that make buying and paying off a mortgage as convenient and simple as possible. This means that GreenPoint wants to aide you in your efforts to amortize your payments.

To amortize is to repay your mortgage with regular payments that cover the principal and the interest. The principal is the actual amount that the lender has given to you that you are paying back, and the interest is the extra amount you are paying the lender for its service. With GreenPoint, your interest is guaranteed to be as low as possible and the dollar amount of your principal, whatever you make it.

The term amortization is one you will see a lot in the mortgage literature. Stemming from the root amortize, amortization just means a loan repayment plan. This lets you reduce your debt by making regular monthly payments on your mortgage principal and interest. GreenPoint wants you to have the best amortization possible, by offering numerous different payment methods and options.

The amortization schedule is basically a timetable for the payment of your loan. It shows the amount of interest and the amount of principal owed each month and the remaining balance once each payment has been recorded.

The amortization term is the amount of time it will tale to pay off your mortgage. Usually you, the home buyer, will choose this. For example, you can purchase a 10 year, 20 year or 30 year mortgage.

This is the amortization term or length of the loan. The amortization term is usually expressed in months rather than years, so a 30 year fixed mortgage would be a 360 month amortization term.