mortgage

  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • : Function ereg() is deprecated in /home/kitczqgn/public_html/canada.compareco.com/includes/file.inc on line 895.
  • warning: Creating default object from empty value in /home/kitczqgn/public_html/canada.compareco.com/modules/taxonomy/taxonomy.pages.inc on line 34.
the mortgage section

Interest Rate

The annual percentage amount charged in return for borrowing funds.

Interim Financing

Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.

Irrevocable

Incapable of being recalled or revoked; unchangeable, unalterable.

Leverage

Upside leverage in real estate occurs when the yield or net return on property exceeds debt service for a loan. Downside or reverse leverage occurs when the debt service is greater than he net return on investment.

Line of Credit

A maximum credit limit allowed by a bank to a borrower, as long as the borrower maintains an acceptable balance on account or has a good credit rating. The credit line will vary from time to time according to the changing circumstances of the borrower or the bank.

Loan Ratio

The ratio of the principal amount of the loan to the lending value of the property.

Interest Escalation

Rate of interest on a loan is raised periodically during the term of the loan so as to encourage early repayment.

Foreclosure

A legal procedure whereby the lender eventually obtains ownership of the property after the borrower has defaulted on payments.

Fully Amortized Loan

A mortgage loan wherein the stipulated repayments repay the loan in full by its maturity date.

Gross Household Income

Gross household income is the total salary, wages, commissions and other assured income, before deductions, by all household members who are co-applicants for the mortgage.

Syndicate content