Regardless of how certain you are that you will get mortgage, it is always good idea to get pre-approved from the mortgage lender of your choice. This will officially address any questions about your eligibility, rate, terms and it will enable you to better negotiate for the property of your choice.
Credit scoring model seeks to quantify how likely the consumers are to pay off their debt without being late. The more your credit file demonstrates that you pay your debt on time, the more desirable you become as a potential customer. The higher the client's score is, the less likely they are to default on their loan.
As with any profession there is a great deal of terminology unique to real estate business and its day-to-day practice. Although not complete, the following glossary of real estate terms will help you with some of the more common terms with which you will be faced throughout this web site, and in the practice of real estate.
The editors will gladly accept any information that will enable them to rectify any reference or omission in this real estate glossary. The users of this glossary are cautioned to use experts or refer their clients to expert advice should questions arise in its use. Neither www.brantrealty.com or our contributors accept any liability for the use of this material or any other material provided on this web site.
Browse Glossary of Real Estate Terms:
Every person involved in real estate transaction should have a basic understanding of real estate, financing, real estate terminology, law, and market itself.
A new generation of real estate consumers and professionals rely on new technologies, internet databases, virtual house tours, instant access to data, global positioning systems, development information and more.
Real estate transaction is the largest single purchase that most people will ever undertake, so it make sense to be informed before signing agreement that will have great impact on personal wealth and destiny.
A deposit is part of your down payment and due upon acceptance of your offer.
Fee for appraisal prepared by appraiser is usually required by the lender or insurer prior to closing.
Legal fee and disbursements are required for closing the purchase and mortgage(s).
Premium for high ratio mortgage insurance (if applicable) + tax which must be paid on closing.
Land survey or title insurance are required to close the deal. Ask your lawyer for details.
Fire & extended coverage insurance is required for the outstanding balance of mortgage.
Ontario land transfer tax is due on closing and reflected in the "Statement of Adjustment".
Other extra costs like: prepaid expenses and fees, moving expenses, utility hook-up, decorating, etc.