mortgage approvals
Understanding Your Mortgage Commitment
Learn which terms, dates, property details and costs to review in a mortgage commitment, and what to clarify with AMS before signing.
What you’ll learn
- Review the amount, rate, structure, term, amortization and other key terms.
- Check expiry dates and the approved property details.
- Consider flexibility, prepayment privileges, penalties, fees and special conditions.
- Ask AMS about anything you do not understand before signing.
Transcript
Your mortgage commitment is the lender’s written outline of the mortgage being offered.
Review the mortgage amount, interest rate, fixed or variable structure, term, amortization, payment options, prepayment privileges, penalties, fees, and any special conditions.
Also check expiry dates and the approved property details.
A commitment is not just about the rate: flexibility and costs can matter if you refinance, sell or move early.
At AMS, we'll explain key terms, help compare them with your goals and identify anything requiring clarification before you sign.
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General education only. Lender requirements and mortgage terms vary; this is not an approval, rate offer or guarantee. Contact AMS for advice about your circumstances.
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