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Glossary
A company who is appointed to take responsibility for the maintenance and management of all communal areas and shared services, like roads, streetlights, open spaces.
An amount the lender adds to an index to determine the interest rate on an adjustable rate mortgage.
The probable price a ready, willing, able, and informed buyer would pay and a ready, willing, able, and informed seller would accept, neither being under any pressure to act.
A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser.
A conditional transfer or pledge of real estate as security for the payment of a debt. Also, the document creating a mortgage lien.
Most people take out a mortgage to buy a house. An Independent Mortgage Adviser can explain all the types of mortgages available to you. When you take out a mortgage your property is used as security.
A formal indication, by a lending institution that it will grant a mortgage loan on property, in a certain specified amount and on certain specified terms.
A policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 25% of the home’s purchase price.
A loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments.
When you apply for a mortgage the lender will normally insist on a survey before agreeing on a loan. They will asses the value and condition of the property.