(Continued from page 14) Condominiums: Shared ownership in property. Owners have title (ownerâ€" ship) to individual units and a proporâ€" tionate share in the common eleâ€" ments. Conventional Mortgage: A first mortgage issued for up to 75% of the property‘s appraised value or purâ€" chase price â€" whichever is lower. Deed: A legal document that conâ€" veys (transfers) ownership of a propâ€" erty to a buyer. Easement: A legal right to use or cross (rightâ€"ofâ€"way) another person‘s land for limited purposes. A common example is a utility company‘s right to run wires or lay pipe across a propâ€" erty. Debt Service Ratio: The percentâ€" age of a borrower‘s gross income that can be used for housing costs, includâ€" ing mortgage payment and taxes (and condominium fees, when applicable). $82,000. Condo living, possession by Xmas! 1 bedroom, fireplace, air conditioning, indoor pool, whirl pool, new broadâ€" loom paint! $175,900. Beautiful bunâ€" galow in mature area, ideal family location. new kitchen roof, rec. room with fireplace. Gleaming hardwood floors. Knowing terminology can save time, money Countryw id € $197,500. Shows to perfection. Popular 3 bedroom model with panoramic views. Encroachment: An intrusion onto The ABCs of mortgages an adjoining property. Common examples are a neighbor‘s fence, storâ€" age shed or overhanging roof line that partially (or even fully) intrudes onto your property. Equity: The difference between the price for which a property can be sold and the mortgage(s) on the propâ€" erty. Equity is the owner‘s "stake" in a property. Land Transfer Tax: Payment to the provincial government for transâ€" ferring property from the seller to the buyer. Lien: Any legal claim against a Foreclosure: A legal process by which the lender takes possession and ownership of a property when the borrower doesn‘t meet the mortgage obligations. Job Loss Mortgage Insurance: Insurance offered through realtors and financial institutions which makes mortgage payments in the event of involuntary job loss. Colour television advertising works and | will use it effecâ€" tively to market your home! For more information call me. 338â€"6550 $1,800. per month. Great opportunity. Quiet crescent in Charmwood area of East Oakville. LET ME PUT YOUR HOME ON CABLE #25 TELEVISIONI! L153 *Sales Representative **Associate Broker Broker $224,900. Immaculate home in desirable "College Park" area. Bright greenhouse kitchen with cathedral ceiling. property, filed to ensure payment of a debt. Mortgage: A contract between a borrower and a lender. The borrower pledges a property as security to guarâ€" antee repayment of the mortgage debt. Mortgage Insurance: Governmentâ€"backed or privateâ€" backed insurance protecting the lender against the borrower‘s default on highâ€"ratio (and other types of) mortgages. Mortgage Life Insurance: Insurance that pays off the mortgage debt, should the insured borrower die. Multiple Listing Service (MLS): A system for relaying information to realtors about properties for sale. Principal: The mortgage amount initially borrowed or the portion still owing on the mortgage. Interest is calculated on the principal amount. Realtors: Real estate professionals who are members of a local real $183,500. Detached 2,300 sq. ft. of finished floor space, 2 tier deck, walkâ€" ing distance to recreation centre plaza. COURT LOCATION Harvey Goodbrand Allan Bain Broker/Owners estate board and the Canadian Real Estate Association. Only these profesâ€" sionals can call themselves realtors. Title Search: A detailed examinaâ€" tion of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller‘s ownâ€" ership claim. Title: The legal evidence of ownâ€" ership in a property. Variable Rate Mortgage: A mortgage for which payments are fixed, but whose interest rate changes ~ in relationship to fluctuating market. § interest rates. If mortgage rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal. $ $ seA Vendor Takeâ€"Back Mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property. JUNE SMITH* 338â€"6550 * *Â¥ PRESDENTS CLU