Our Job is to Get You Moving!

  • Restaurant
  • Chalet
  • Ranch home, 2 bedrooms, carport
  • 2 Bedroom Ranch, 5.065 acres
National School Reports
 
Books on Moving
and Relocation
Real Estate Dictionary
of Terms
Other Links
 
Real Estate Dictionary of Terms

AMORTIZATION
The period of time it takes to pay off a loan; if equalized, regular payments are made. Usual amortization is 25 years or less. 

APPRAISAL
An estimate of real estate values. Recent comparable sales in the area are the most important factors in estimating value. 

ASSUMABLE MORTGAGE
Purchaser takes ownership to real estate encumbered by an existing mortgage and assumes responsibility as the guarantor for the unpaid balance of the mortgage. 

CLOSED MORTGAGE
This mortgage cannot be paid out before its term has expired, however in most instances, the lender will allow pay out with some penalty. 

CLOSING COSTS
Expenses incurred in the closing of real estate or mortgage transaction. Purchasers expenses usually include: legal fees & disbursements, survey certificate fee, interest and tax adjustments, fire insurance, appraisal and application fees. 

CONVENTIONAL MORTGAGE
A mortgage loan that does not exceed 75% of the value of the property. 

EQUITY
The difference between the market value of the property and the home owner's indebtedness (mortgage). 

GDSR
Gross Debt Service Ratio. This is a calculation used by the lending community to establish how much the borrower can pay towards their mortgage and taxes. This is usually around 30% of gross monthly income. 

HIGH RATIO MORTGAGE
Any mortgage that exceed 75% of the value of the property or the purchase price. 

INTEREST ADJUSTMENT DATE
This is the point in time during the purchasing process (usually possession day) that the lender does their final accounting on any interest that they may be owing. 

LOAN TO VALUE RATIO
The ratio of the loan principal (amount borrowed) to the property's appraised value (purchase price). For example, a $100,000.00 home with a mortgage of $80,000.00, has a loan to value rate of 80%. 

MORTGAGEE
The lender of money or the receiver of the mortgage document. 

MORTGATOR
The borrower of money or the giver of the mortgage document. 

OPEN MORTGAGE
This type of mortgage can be paid out at anytime without penalty. The interest rate is normally higher than the rate for closed mortgages. 

PREPAYMENT PRIVILEGES
The right given to a mortgagor to pay all or part debt to its maturity. Many options are available depending on the lender's policies. 

P.I.T.
This refers to the payment type. PRINCIPAL, INTEREST, AND TAX. You may however request P.I. payment and to pay taxes separately depending on the lender. 

SECOND MORTGAGE
A type of mortgage used when a mortgage is already registered on the property but additional funds are needed and the individual still wishes to maintain the first mortgage. 

TAX ADJUSTMENT
Most municipalities require that property owners have on deposit a certain number of months of prepaid tax in the account at all times. 

TERM
The length of time the interest rate is fixed, usually from 1 to 10 years. At the end of the term the borrower may either pay out the loan in full or renew the mortgage with a new term. 

TITLE
Often used interchangeably with the word ownership. It indicates the accumulation of all rights in property; the owners and other. 

TDSR
Total Debt Service Ratio. This is a calculation used by the lending community to calculate how much a borrower can pay towards PIT payments and all other loans and credit cards. This is usually 35% to 40%.

 
 Other Links

SEE OUR PAGE ON THEREALESTATEJOURNAL.COM

View Our Listings

Residential

Whether you prefer small town living or a home in the country, Really Rural Real Estate has listings to meet your needs.

Farms

If you want more out of country living than just a home, then consider a farm for a sustainable and self-sufficient life.

Land

Rather build? Love to hunt? Or just want a view to call your own? We have listings that offer fields, woods, or both.

Camps

Ah, the perfect get-away. Check out our camp listings for your own private family vacation spot or hunter's paradise.

Commercial

Looking to start your own business or expand? Commercial property may be just what you are need. Call us today.