Introducing :   What you hear and what they mean

What on earth are they talking about?

CMA, debt ratio, estoppel, variable rate mortgage, dual agent, broker,  ...yikes  yee karumba what on earth are the talking about?.....

AS I mentioned before every industry has its own lingo.   On the other  page,   I gave you  definitions but they simply describe the real estate words in real estate lingo . So lets walk through a easy to read  translated verson

ps these are just  fun informative not literal


amoritization
how long youve signed up to pay for your place

appraisal
how much the lender think your place is worth

asking or list price
what they hope to get for their home

blended payments
main  payment plus  interest

buyers agent
representative  for buyer

buyer brokerage agreement
good for the consumer as it makes it clear  what your realtor will provide you  and it  ensures their pay

buyers market
market where typically  lots of inventory is available and buyers can negotiate a bit more

building permit
something you should get before renovating to see that it complies with regulations
it will cost you money now but better than a ton more of it later

client
person being represented

closing
day  your home is legally yours -you move in

CMHC
canada mortgage and housing

CMA
competitive market analysis or comparative market analysis  this should be done to see the comparable solds to your home so you are not attempting to sell unrealistically

commission
how your realtor gets paid which is usually shared with the other realtor and both respective brokerages.   the seller  usually pays it not the buyer.


conveyancing
transfer property from one owner to another

credit check
on file is a record of how good you are at paying your bills if your good you pay less interest if you havent been so good or had some problems you may pay more interest .


customer
not a client but just gets info

debt service ratio
debt against earnings

dual agent
when realtor represents both buyer and seller

equity
what you actually own different from what you  owe

estopelle certificate
paper that says condo owner is not behind on payments, insurance is in place on the building, the bylaws of the condo are registered, the common property has not been mortgaged or transferred.

financial institution
the ones with the big bucks who  lend you money

GE Capital Mortgage Insurance Company
only private sector source of morgage insurance to lenders

gross debt service
should not exceed 30%  of your household income

Interest
the thing sometimes people forget about when they havent bought a home before . it is the money it cost you to borrow money. it can make a big difference in your mortgage payment

listing agreement
you agree realtor will help you sell your house and you will pay them for doing so

mls
the best place to market your property  - on the computer

mortgage
what you owe for your home

mortgage payment
what you pay for borrowing money for your house . this includes interest is usually paid every month or two weeks

mortgage broker
the one who helps you get a mortgage - often they are on commission too

mortgage insurer
if you dont have much to put down you can pay extra for extra insurance to get a loan

mortgagee
the one lending

mortgagor
the one borrowing

pit
principal interest and taxes

pith
principal interest taxes and heating

preapproved for a mortgage
a mortgage broker has all your applicable information, your employment history, youre recent credit check  and they  have given you  the go ahead to purchase  a home within a certain range

real estate board
non profit organization to help realtors

realtor®
trademarked name not everyone can call themselves a realtor® one must be licenced, subscribe to a high standard of professional service and  subscribe to a strict code of ethics

term
how long you pay

sellers agent
one who represents seller

sellers market
seller dictates price typically less inventory in the market to choose from

variable rate mortgage
payments are fixed but depending on the interest rate more or less money may go to the principle


© Michele Weselake




Keeping you informed.

"Its about your real estate transaction." "It’s about you.





Your Realtor ®
Michele