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yonl Youl Yonl Knd Yand Youl Snd onl Snd Yond onl Yond Souk on Yonl $A Countrywide 2828 Kingsway Drive, Oakville... on the Oakville/Mississauga border IN YOUR OWN 4380 SOUTH SERVICE RD, UNIT 16, BURLINGTON MANULIFE BANK WANTS THESE SOLD. POWER PRICED! BUSINESS sHerwood HEIGHTS FSH CHIP 28 KINGSWAY DR., OAKVILLE OVER 2,000 SQ. FT. 18‘ LOADING DOOR * Sales Repr 4380 SOUTH SERVICE RD, UNIT 20, BURLINGTON OVER 4,000 SQ. FT. 18‘ LOADING DOOR nce you decide to embark on | the Journey of home ownerâ€" Â¥ ship, you‘ll probably feel bombarded with a whole new jargon that leaves you feeling confused â€" if not downright intimidated. After all, if you‘ve never purchased a home before, chances are you know very little about mortgages, buyâ€"downs, debt service ratios, or even deeds. If you‘re like most firstâ€"time buyâ€" ers, you may find yourself constantly scrambling for a dictionary to help you decipher these new terms. If this sounds all too familiar, don‘t despair, the Ontario Real Estate Association has put together a basic glossary of real estate termiâ€" nology to help you over the rough spots. When reading it over, keep in mind that this list is by no means exhaustive. This is only a very general list to give you a basic Glossary of terminology can help you over rough spots Why rent when you can own this lovely home backing onto greenspace. Great floor plan, eatâ€"in kitchen, mn. floor 2â€"pc. powder rm. Move in eorlr spring. To view call LAURICE KOSSOWSKI 842â€"7000. ‘anuary is a super time to list your home: * You are on the market with the least amount of competition. The majority of people"thinking" about it, won‘t do much about it until | | March or April and historically, February is one of the peak months‘ for real estate sales. : s * Winter prospects are more serious buyers â€" No one gets the urge to "Look around" in the cold weather. * Commuters get "weary" of that extra drive to the west and tend to become more serious about moving "East" to Oakville in winter months. * Reports from some economists are predicting interest rates will drop in the spring. When they do, you will be in a prime position for the influx of buyers who will come out of the "woodwork". 1 have a competitive commission package which includes | Top Marketing Techniques. Don‘t delay. Call me today. You will be glad you did. grounding. _ Amortization: The number of years it takes to repay the entire amount of a mortgage. Appraisal: An estimate of a propâ€" erty‘s market value, used by lenders in determining the amount of the mortgage. Assessment: The value of a propâ€" erty, set by the local municipality, for the purposes of calculating property tax. Blended Mortgage: A combinaâ€" tion of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interâ€" est rate somewhere between the two original rates. Blended mortgage payments are equal or regular payments consisting of both a principal and an interest component. With each successive payment, the amount applied to interest decreases and the amount applied to the principal increases â€" although the total payment doesn‘t change. Buyâ€"down: When the seller reduces the interest rate on a mortâ€" gage by paying the difference between the reduced rate and market rate directly to the lender or to the purchaser. Closing: The real estate transacâ€" tion‘s completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transâ€" ferred from the seller to the buyer. Common Elements: The portions of a condominium development owned in common (shared) by the unit owners. (See ‘Knowing,‘ page 15) ‘AN INDEPENDENT MEMBER BROKER Member of the Oakville/Milton district plus Toronto Real Estate Boards WITH EXPOSURE TO OVER 23,550 MEMBERS sutton group â€" people properties Inc.