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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 | 5.44% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 7/17/2008, 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
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Rate (interest)
The return the lender receives for loaning the borrower the money for the mortgage.
Redemption
The buying back of a mortgage estate by payment of the sum due on the mortgage.
Refinance
To pay in full and discharge a mortgage and any other registered encumbrances and arrange for a new mortgage with the same or a different lender.
Renegotiate
To change the terms and conditions of a mortgage agreement prior to maturity. Renegotiation occurs with the lender who currently holds the mortgage.
Renewal agreement
An agreement whereby the lender may agree to extend the term of the loan, but possibly on revised terms as to principal repayments and interest rate.
Reserve fund
A fund set up by a condominium corporation for major repairs and replacement of such items as the roof, elevators, plumbing, heating systems etc. All condo corporations, by law, require a reserve fund.
Roll-over Mortgage
A mortgage loan where the interest rate is established for a specific term. At the end of the term the mortgage is said to “roll over” and the borrower and lender may agree to extend the loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
S
Second mortgage
A mortgage placed on real property, which is already encumbered with one mortgage. Determination of first, second, third etc mortgage is by priority of registration (time and date).
Security
Property offered as backing for a loan. In the case of mortgages, the property being purchased with the loan usually forms the security for the loan.
Shelter payment ratio
Gross debt service plus annual heat costs as a function of the gross income of the mortgagor.
Survey
The accurate mathematical measurements of land and buildings thereon made with the aid of instruments.
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