JOINT TENANCY
Property held by two or more persons with an undivided interest. If one owner dies, the
property passes automatically to the other(s).
LEASE TO PURCHASE OPTION
Buying a piece of property by renting for a specified period, usually one year, with the
provision that you will purchase the property at the end of that period for a
predetermined sale price.
LIABILITIES
Outstanding debts of an individual. Mortgages, loans, credit card balances.
LIEN
A charge registered against a property.
LTV (Loan to value)
The ratio between the mortgage loan amount and the value of the property usually
expressed as a percentage, i.e. 75% LTV. The value of the property for lending purposes is
the purchase price or appraised value, whichever is lower.
MARKET VALUE
The value of a property based on what the market will bear. Determined by a comparison
of the subject property to others in a similar area that have sold recently.
MORTGAGE
A conveyance of property to a creditor, as security for payment of a debt, redeemable on
the payment or discharge of the debt at a specified date.
MORTGAGE BROKER
Trained professionals with a wealth of knowledge and experience to find the mortgage
that best suits your needs, at the best rate available, from a large selection of lenders that
include most major banks, trust companies, credit unions. A mortgage broker works for
you, not for the lender. Many financial institutions pay finders fees to mortgage brokers
who refer business to them making it possible for you to get the best mortgage product at
no cost to you.
MORTGAGEE
The lender of mortgage funds.
MORTGAGOR
The borrower of mortgage funds.
NET WORTH
The value of ones assets minus their liabilities.
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