These common terms will help simplify getting your home loan and ensure you understand what stage you are at and what comes next. It doesn’t guarantee you a loan or any loan terms. Interest Rate: This is the amount of interest, expressed as a percentage, that you will be paying on your loan. Amortization: Paying off a large loan (mortgage) over a specified period of time. These are some of the most common terms you will hear as you go through the process of obtaining a mortgage.