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Glossary

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Glossary

 

Terms and Expressions Common to the Mortgage industry

 

Amortization. The number of years it takes to repay a mortgage in full.

 

Appraised Value.An estimate of the market value of the property used as security for the mortgage. Usually an independent appraiser using a variety of methods determines an estimated value of the property. An appraisal is normally required by a lender. The fee for the appraisal is normally paid by the buyer.

 

Blended Mortgage Payment.The mortgage payment consisting of both principal and interest in which part is applied toward the accumulated interest and the remainder is applied toward the principal.

 

Bridge Financing.A loan required to provide the funds needed for the closing of the property you have purchased to the time of the later closing of the property you have sold.

 

Chattel.Personal property.

 

GMHC.The Canada Mortgage and Housing Corporation is a federal crown corporation providing housing programs that allows lenders to loan up to 100% of property value.

 

Closed Mortgage.Mortgages that are locked in for a specific period. To get out of the mortgage usually requires a penalty payment, often 3 months of interest.

 

Closing Date.The date the purchase of the property becomes final and you, the new owner, obtain title.

 

Conventional Mortgage.This kind of mortgage requires that you make a down payment of at least 20 per cent of the appraised value or purchase price which ever is lower, i.e. if the appraised valued is $200,000, a down payment of $50,000 or more is required for it to be considered conventional.

 

Conveyance.The transfer of the property title from the vendor (seller) to the purchaser on the records at the Land Titles Office.

 

Deed.A leagal document that trransfers ownership of the property to the buyer.

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