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It pays to know your mortgage terminology **% he followâ€" ing terms A. will help you become more familiar with mortgage terms â€" should know when conâ€" sidering buying a For further inforination call: Margot Brown (905) 332 â€"4433 * COUnTrRy CLUB DR. HWY 5 (DUNDAS) new home from a professional builder: Amortization: The number of years necessary to retire the mortgage princiâ€" Mon. â€" Fri. 12 Noon â€" 7pm Sat., Sun. Hol. 12 Noon â€" 6nm $259,000 ~â€"Millcroft 12 Noon â€" 6pm WYSIWYG Program pal in full. Appraisal: An estimate of value of the property for mortgagee purposes. Downpayment: The difference between the purâ€" chase price and the amount of mortgage you will require to complete _ the purchase of a property. At Milleroft _ you get The ) Winning Hand! Gross Debt Service Ratio: The ratio of annual mortgage payments of principal, interâ€" est, taxes and heat component to the estimated / Visit Millcroft this weekend, walk through our model homes and talk with our sales representatives about how easy it is to own a home in this great golf course community. Monarch has stacked the deck in your favour so that you get the â€"winning hand. The Ashley, 2410 Sq. Ft. on a 70° Lot From $332,000 gross annual income of the a p p lic a n ts . presently is 32 per cent. Interest: The rate per annum Homes from only charged accordâ€" ing to the mortâ€" gage. Maturity Date: The expiry date of a mortgage when any balâ€" ance of principal Mortgage: Is a conveyance of a property by a debtor to a crediâ€" tor as security for a debt with provision that the land be reconveyed on payment of the debt within a certain period of time. outstanding is due and payable by the mortâ€" gagor. Conventional Mortgage: A first mortgage granted up to 75 per cent of the lesser of the purâ€" chase price or appraised lendâ€" ing value. High Ratio Mortgage: An insured first m o r t g a g e amounting _ to more than 75 per cent of the lesser of the purchase price or appraised lendâ€" ing value but no greater than 95 per cent of the lesser of the purâ€" chase price or appraised lendâ€" ing value. Mortgagee: A person who lends money on the security ~â€"of a mortgage. Mortgagor: A person who borâ€" rows money on the security of a mortgage. Interest: The sum a mortgagee may require from a mortgagor to exercise the option to prepay the outstanding principal once the closed period of the mortgage has passed but prior to maturity of the term. Principal: The face amount of the mortgage â€" the amount borâ€" rowed. Term: The numâ€" ber of years the interest rate on the mortgage is fixed. Thank you for supporting Christmas Seals Call 847â€"1033