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

Down Payment

The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

Easement

A right of way giving persons other than the owner access to or over a property.

Effective Interest Rate

The actual interest rate on investment where a debt or loan was bought at discount or at a premium.

Equity

The difference between the price for which a property could be sold and the total amount owing on it.

Escrow

An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the earnest money deposit is put into escrow until delivered to the seller when the transaction is closed.

Estate

The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death.

Debt-Service Ratio

The percentage of the borrower's gross income that will be used for monthly payments of principal, interest, taxes, heating costs and condominium fees.

Deed

The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser's ownership of the property.

Credit Report

A report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness.

Credit Rating

A credit rating is an evaluation of the likelihood of a borrower to default on a loan.

Syndicate content