Financing

Glossary of Mortgage Terms A B C D E F G H I J K L M N O P Q R  S T U V W X Y Z A Agreement of Purchase and Sale - A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed). Amortization Period - The actual number of years it will take to pay back your mortgage loan, or the time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage, however can be greater, up to a maximum of 35 years. Anniversary - Many mortgage products allow you to make payments against the principal on the anniversary of the mortgage. Appraisal - The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home. Appraisal Value - An estimate of the market value of the property. Assumability - Allows the buyer to take over the seller's mortgage on the property. Top B Blended…

Mobile Mortgage Specialists The Mobile Mortgage Specialists in our Service Providers directory offer a variety of flexible home financing options. They have expertise in home financing and can give you options and assist you with obtaining a mortgage pre-approval.  They will also provide information on money saving options and other products to meet your specific needs. No matter what your needs are, these Mobile Mortgage Specialists have a mortgage that’s right for you.  Being comfortable with your mortgage means that you can focus on enjoying life in your new home courtesy of: http://www.royallepage.ca/en/realestateguide/financing/mortgage/specialists.aspx

Down Payment How much will I initially need to purchase my new home? You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means. A larger down payment means greater savings. The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own. The larger your down payment, the more you save in the long run. A larger down payment: Avoid payment of the insurance premium on your ratio mortgage  Reduces the amount of your monthly principal and interest payment Reduces the total amount of interest you pay over the life of your mortgage Your Mobile Mortgage Specialist can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies. Closing…