mortgage

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the mortgage section

Right of First Refusal

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Second Mortgage

A mortgage loan granted, (and registered) when there is already a first mortgage registered against the property.

Secured Loan

A loan that is backed by collateral.

Porting

This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.

Prepayment Charge

A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement.

Prepayment Option

The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.

Pre-Qualification

An interview with a client (usually) prior to the writing of an offer to purchase real estate in order to determine the applicants qualifications for mortgage purposes.

Prime Rate

The rate charged by banks to their most credit-worthy borrowers. Sometimes also referred to as the rate of interest paid on government bonds.

Principal

The amount of money borrowed for a new mortgage.

Real Estate Agent

A person licensed to negotiate and transact the sale of real estate.

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