The contract rate of a mortgage, is exactly what it sounds like – it’s the rate you’ll find in your contract!
Whenever you put in an offer to purchase a home, their will be a variety of conditions that must be met. One of those conditions, is proving that you can actually get approved for a mortgage and be able to pay for the house. This is called the condition of finance. If you are working with […]
Title is a legal term that means you have legal ownership of property.
It’s a line of credit that you get using your property as collateral. When you use your property as collateral for the loan, you’ll typically get a lower rate than you would on an unsecured credit line. You can charge it up and pay it down just like any other line of credit, allowing you […]
Here’s how we figure out the value of your property…in case you were wondering 😉
Cost to construct refers to how much the total cost would be for you to get a property built. It would include everything from the land, to the permits, to the doorknobs and baseboards and everything in between. Here’s a handy sheet from our friends at Genworth Financial that list everything you’ll need to consider […]
The two most common payment frequencies are monthly and accelerated bi-weekly payments, although the option does exist to do semi-monthly, bi-weekly, weekly and accelerated weekly. Here’s a quick run through of each. Monthly Semi-monthly Bi-weekly Accelerated bi-weekly Weekly Accelerated weekly Phew! Take a break and reward yourself if you read all that 🙂
Bankers looooove their acronyms:) Your interest adjustment date is the day your first payment is made after your mortgage funds are advanced. If the period of time between you getting your mortgage and you making your first payment is shorter than your regular payment schedule, then the first payment out of your account will be […]
A mortgage is debt instrument, with specified real estate property held as collateral for the debt. The borrower agrees to pay back the debt with a predetermined set of payments. A mortgage allows the borrower to use the lender’s money for various purposes. Most commonly, a mortgage would be used to help purchase real estate. […]