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Mortgage Rates* 30-Year Fixed        6.375% Jumbo Fixed          6.875% ARM                       6.125% *Rates subject to change without notice     Last Updated Thursday, November 29, 2007	Amortization, by definition, is a method of reducing an amount of money over a period of time.  Basically, amortization is the number of years it takes to pay off a loan, including interest.   Each month, you make a payment that goes towards both the interest and the principal.  Each monthly mortgage payment is the same for the duration of the loan, but the amount of money that goes towards the interest and principal each month varies.  As you make more payments, you pay less towards interest and more towards the principal.  The process of recalculating the interest and principal payments each month is known as amortization.   The decision to buy a house is, no doubt, one of the most significant decisions a person will make, not to mention an expensive one.  Knowing what to expect and understanding how amortization tables work is something we highly recommend.   Blue Mountain Mortgage* can help you make an informed decision as to the best type of mortgage loan you should choose, given your current financial status.
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