Buying a home is one of the largest financial transactions you will make in your life, so there are many important questions to consider when purchasing a home. A CENTURY 21® REALTOR® goes beyond the transaction and will be there with you every step of the way.
Trust the experience of a CENTURY 21 Realtor such as myself
to help you find your dream home today.
If you're buying, allow me to enhance your search process by helping you uncover what you may not have considered. Whether it is schools, lifestyle, or the investment value of the property. Using my property search tools here, allows you to find the home that best meets your needs. Finally, with the knowledge of the market, real estate expertise and negotiating skills, I will help you get the best possible deal and handle all the critical details.
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HOME BUYER'S GLOSSARY
AMORTIZATION SCHEDULE
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
Appraisal
The process of determining the fair market value of a property. They are useful for all parties involved in a real estate transaction from the home buyer & seller to the lender, .
Mortgage
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage. A mortgage can not be prepaid or negotiated for a set period of time without penalties.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan. This helps borrowers qualify for a loan by lowering the risk to a lender.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Term
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Closing Costs
One-time fees that real estate buyers must pay when they decide to purchase a property in Canada. Usually comprised of between 2-5% of the total purchase price of the home. These fees are paid on or by the closing date. Fees related to the origination and underwriting of a mortgage, real estate commissions, taxes, insurance, and record filing.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
This is often the date when you receive the keys to your new home and you will become responsible for the property.
READY, SET.... GO!!!
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
