Amortization Schedule – A complete schedule of periodic blended loan payments, showing the amount of principal and the amount of interest that comprise each payment so that the loan will be paid off at the end of its term. Early in the schedule, the majority of each periodic payment is interest. Later in the schedule, the majority of each periodic payment is put toward the principal.

Appraised Value – To determine the value of property, the Property Appraiser will consider such factors as what other properties are selling for (recent sales), what would be the cost to replace the property today, how much it takes to operate the property and to keep it in repair, what rental income the property may earn, and many other applicable factors that affect its value.

Fixed-Rate Mortgage – A “fixed-rate mortgage” is the most ordinary and uncomplicated mortgage available to homeowners today. As the name suggests, the interest rate on a fixed mortgage does not change during the entire duration of the loan, which is typically 30 to 35 years.

Interest Cost – In addition to the two standard means of setting the cost of a mortgage loan (fixed at a set interest rate for the term, or variable relative to market interest rates), there are variations in how that cost is paid, and how the loan itself is repaid. Repayment depends on locality, tax laws and prevailing culture. There are also various mortgage repayment structures to suit different types of borrower.

Broker – An intermediary who brings parties together for specific purposes. A mortgage broker brings borrowers together with lenders; a real estate broker brings purchasers together with vendors. Often charges a percentage of the contract price as a fee. Specific training required to become a Real Estate Broker, a professional designation.

Listing – Open listing, this is an agreement whereby the property is available for sale by any real estate professional who can advertise, show, or negotiate the sale. Whoever first brings an acceptable offer would receive compensation. Real estate companies will typically require that a written agreement for an open listing be signed by the seller to ensure the payment of a commission if a sale should take place.

Looking to find the best deal on Professional Thermal Imaging and Home Inspections in Barrie, Whether buying or selling Real Estate contactBarrie Real Estate Agents for all your needs.

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