Introduction

Today’s introduction will be short and sweet, as I think the title above and definitions below largely speak for themselves. My goal today is to provide a glossary or cheatsheet you can use when learning how to speak Mortgage in order to guide you towards making the most informed decision possible about the best mortgage for you and yours. My fervent thanks once again to my friend and mortgage guy, Russ Morrison of The Morrison Mortgage Team for his input in creating and shaping this article.

• Posted Rate: the interest rate lenders advertise to borrowers for mortgages with different features and for different rates of time. Lenders provide posted rates for both fixed-rate and variable mortgages.
• Discounted Rate: the actual rate your lender charges you on your mortgage because you’re special rather than the rate they quote to the unwashed masses. You’ll likely need to haggle to get this