Best Home Appraisals 604.618.5028
Campbell & Pound 604.270.8885
Cunningham & Rivard Appraisals 604.985.8761
MacIntosh Appraisals Ltd. 604.522.3900
Neimi Laporte & Dowle Appraisals 604.438.1628
Appraisal Institute of Canada 604.284.5515
Johnston Ross & Cheng 604.270.7717
What is a mortgage?
A mortgage refers to a loan issued by the bank or other loan institutions requiring the borrower to provide certain property as the material guarantee of the repayment. It is the main form of real estate financing business.
What is an equity?
An equity is the difference between the actual value of the property and the amount of the loan. The procedure of re-doing the loan from the bank to take Equity is called refinancing or loan restructuring.
What is a property appraisal?
A property appraisal is an indispensable procedure for loans. The mortgage institution shall determine the value of the property based on the property appraisal report. The borrower needs to hire an independent appraiser to evaluate the value of the house.
What is loan to value ratio(LTV)?
Loan to value ratio (LTV) means that the total amount of loan as a percentage of the mortgage property value.
What does interest payment only mean?
According to the agreement signed by the borrower and the lender, the borrower will pay interest only for a fixed period of time and the principal amount at the end of the term.
What is a second mortgage?
A second mortgage is a loan to a real property which has an existing first mortgage.
What is syndicated mortgage?
Syndicated mortgage is a loan provided by two or more lenders joint together for a project or a business.
What is a statutory auction?
When a borrower defaults on a mortgage, the lender has by the law of contract to foreclose the property and sell it in an auction.