mortgage payments

amortization period- the length of time in years that you will need to pay off a mortgage.

equity-the portion of the value of your property that you know

interest-the cost of borrowing money

unpaid balance- the portion of the value of your property owed to the financial institution

Closed mortgage- mortgage which does not allow payments on principal

life insurance

beneficiary-the person who will recieve the insurance money

insurer- the company providing the insurance

policy- a written contract or certificate of insurance

premium- how much you pay for an insurance policy(monthly, semi-annual, annually)