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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
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Rate (interest) - Real Financing Cost - Real Property - Recission - Refinance Transaction - Refinancing - Rent Free - Right of First Refusal - Roll-over Mortgage


Rate (interest) - The return the lender receives for loaning you the money for the mortgage.

Real Financing Cost - The real financing cost is a consumer-oriented rate that takes into account specific costs, fees, potential rate changes and the projected amount of time you will have the loan. The fees and costs are distributed over the time you plan to be in the house, allowing you to do an apples-to-apples comparison of a variety of loan types. The real financing cost is not the APR. The APR assumes that you keep your loan for the entire term (e.g. 30 years for a 30-year fixed loan) and includes only some of your loan fees. The total financing cost takes into account all of your closing costs associated with your loan and also how long you plan to be in your house.

Real Property - Land and any improvements permanently affixed to it, such as buildings.

Recission - The cancellation or annulment of a transaction or contract by the operation of a law or by mutual consent. Borrowers usually have the option to cancel a refinance transaction within three business days after it has closed.

Refinance Transaction - The process of paying off one loan with the proceeds from a new loan using the same property as security.

Refinancing - The process of paying off one loan with the proceeds from a new loan secured by the same property.

Rent Free - If you are living with a relative or friend without paying rent, this is considered "rent free."

Right of First Refusal - A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Roll-over Mortgage - A mortgage loan where the interest rate is established for a specific term. At the end of this term the mortgage is said to "roll over" and the borrower and lender may agree to extend to 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.
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