Home Buyers Glossary Part 1 of 3
The Home buying process can bring many questions. This glossary may be a great way to help outline and understand what it is those around you are talking about.
The actual number of years it will take to pay back your mortgage loan
An estimate of the value of the property. Conducted for the purpose of mortgage lending by a certified appraiser. This appraisal is not to be confused with a building inspection.
Allows the buyer to take over the seller’s mortgage on the property.
A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
The owner has title to a single unit, as well as a share in the common elements such as elevators
or surrounding land.
A common payment among owners which is allocated to pay expenses.
A mortgage loan issued for up to 75% of the property’s appraised value or purchase price, whichever is less.
The buyer’s cash payment toward the property. The difference between the purchase price and the amount of the mortgage loan.
The difference between the home’s selling value and the debts against it.
Stay tuned for the rest of the list…