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

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.

Guaranteed Income Mortgage

A guarantee included in a purchase money mortgage by a seller-mortgagee that there will be a minimum cash-flow or net operating income to the purchaser mortgagee. The guarantee is limited to a short period and may be combined with a management contract whereby the seller as manager will operate the property.

High Ratio Mortgage

If you don't have 20% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.

Holdback

An amount of money required to be withheld by the lender during the construction or renovation of a house to ensure that construction is satisfactorily completed at every stage.

Home Equity

The difference between the price for which a home could be sold (market value) and the total debts registered against it.

Home Equity Line of Credit

A method of borrowing in which a homeowner may borrow against home equity as needed using a checkbook or credit card. It differs from a standard loan in that the borrowing may be done over a period of time, preventing excess borrowing and limiting interest costs.

Fair Market Value

The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.

Fire Insurance

Before a mortgage can be advanced, the purchaser must have arranged fire insurance. A certificate or binder from the insurance company may be required on closing.

Syndicate content