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Choose the Right Mortgage consultant in surrey
Each industry has its terminologies and jargon. These terminologies and terms can be perplexing to those who are not familiar with the day-by-day advancement of the industry. However, the mortgage industry is no exception.
Gurbir Sandhu, An expert Mortgage Broker has prepared this convenient blog to assist you to comprehend the terminologies, and terms that are commonly used when buying a property. You will see useful information below that can help you understand better and articulate your requirements regarding mortgage consultants in Surrey.
Amortization: It is the loan payback period, which is calculated by ongoing payments to pay off the outstanding debt at the end of a specified period for a construction loan in Surrey. This includes the interest rise as well as the unpaid balance principle.
Commitment: A written agreement between a lender and a borrower to borrow money on a specified date known as a commitment. Before the deal can move forward, the borrower must meet a set of financing requirements.
Credit Report: A report that offers information about an applicant’s current and previous credit history to brokers and financial institutions.
Equity: The difference between the property’s worth and the house’s secured loan is known as equity. Any portion of the loan that is not guaranteed by the lender is referred to as an “owner discount.”
Lien: A legal right to delinquent payment of a debt or obligation secured by a property is known as a Lien.
Loan-To-Value Ratio: The difference between the amount of the mortgage (s) and the value of the property is represented as a percentage known as the loan-to-value ratio. The mortgage rate is 50% if a $100,000 mortgage is registered on a $200,000 property as an example of the best mortgage rates in surrey.
