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| Bank Rates |
Term |
Our Rates |
| 6.75% | 1 | 5.50% | | 7.25% | 2 | 5.50% | | 7.30% | 3 | 5.50% | | 7.30% | 4 | 5.50% | | 7.30% | 5 | 5.39% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 5/5/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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A-B C-D E-F G-H I-J K-L M-N O-P-Q R-S T-U V-W X-Y-Z
A
Accrued Interest
Interest, which has accumulated unpaid since last payment date.
Amortization
The gradual retirement of a debt by means of partial payments of the principal at regular intervals.
Amortization Period
A time of arrangement for paying off a mortgage by equal installments or periodic constant payments. Repayments of principal and interest in “blended” amounts. Fully amortized means complete repayment without a “balloon” payment at the end of the term. Can be as short as 5 years or as long as 40 years.
Amortization schedule
The amortization schedule shows monthly installments of principal and interest and how much of the payment is allocated to each. It also shows the unpaid principal balance.
Appraised Value
A dollar value assigned to taxable property, by the assessor, for the purpose of equalizing the burden of taxation.
Assets
What the borrower owns. Liquid assets are those that can be quickly converted to cash.
Assignment of mortgage
The assigning of a mortgagee’s interest in the mortgage to a new mortgagee. The legal sale of the mortgage with or without an agreement to repurchase.
Assumption of mortgage
The purchaser of property assumes the liability for an existing mortgage against a property and becomes liable for timely payment of the mortgage. This action might occur with or without approval of the existing mortgagee depending on the terms of the existing mortgage.
B
Blanket mortgage
A single document, which is registered covering more than one title to property.
Blended mortgage
Combining the amount owing on an existing mortgage with additional mortgage money for the purpose of buying another property. The interest rate change to one that combines the rate on the old loan with the rate in effect at the time you add additional financing.
Blended payments
The method of repayment where periodic payments of principal and interest are made in such a way that the payments remain constant in amount, although the portions attributed to principal and interest vary with each payment.
Bridge financing
A special short-term loan needed to cover (bridge) the gap in time between completing the purchase of one property and finalizing arrangements to pay for it. This is often the result of mismatched closing dates.
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