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12 - Real Estate: The O akville Beaver, W e d n e s d a y J a n u a ry 18, 2 0 0 6 Gail Moreau Sales Representative, B.A., B.Ed. @ Home with the Goodale Miller Group Aboutowne Realty Corp., R ealtor The A to Z of real estate terminology The one thing about partici pating in the real estate market that confounds most con sumers is the terminology and jargon that must be learned. But as with any business, in order to be successful as a buyer or seller, it is necessary to become familiar with certain concepts and words. The real estate business is somewhat unique in that it is not confined to one particular set of dealings. Instead, it encompasses a number of pro fessions: financial, legal, gov ernmental, building trades and, of course, real estate itself. So, from A for amortization to Z for zoning regulations, here is a quick run-through of some of the more important real estate terminology you will encounter. Real Estate from A - Z Amortization: The number of years it will take to pay off the entire amount of a mortgage. In Ontario, most mortgages are amortized over 25 years. Appraisal: An estimate of a property's market value. This is used by lenders to determine -- the amount of your mortgage. k v Assessment: The value of a property set by m the local municipality. r The assessment is used to calculate your property tax. Assumable Mortgage: A mortgage held on a property by a seller that can be taken over by the buyer. The buyer then * assumes responsibility for making payments. An assumable mortgage can make a property more attractive to potential buyers. Blended Mortgage Payments: Equal or regular mortgage payments consisting of both a principal and an interest component. Broker: A real estate professional licensed in Ontario to facilitate the sale, lease or exchange of a property, Bridge Financing: Money borrowed against a homeown er's equity in a property or to make improvements to a property being sold, Buy-down: A situation where the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender. Or, the difference can be paid to the purchaser in one lump sum or monthly installments. A buydown can make a property more attractive to potential buyers. Closed Mortgage: A mortgage that cannot be prepaid, renegotiated or refinanced during its term without significant penalties. Conventional Mortgage: A first mortgage issued for up to 75 per cent of the property's appraised value or purchase price, whichever is lower. Debt Service Ratio: The percentage of a borrower's gross income that can be used for housing costs (including mortgage payments and taxes). 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