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Amortization: The number of years it will take to pay back your mortgage loan.
Anniversary: Most lenders allow borrowers to make payments against the principal on the anniversary of the mortgage.
Appraisal: The act of estimating the market value of a property.
Appreciation: The increase in value in a home from when the home was first purchased.
Approved Lender: A lending institution, authorized by the Government of Canada, to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages that require mortgage insurance.
Assumption Agreement: A legal document signed by the homebuyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the previous owner.
Source: HGTV.ca
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
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