Glossary

Amortization: The period of time required to completely pay off a mortgage debt, if all payments are

made on time and the terms of the mortgage stay the same.

Appraisal: An estimate of the current market value of a home.

Appraiser: An appraiser can tell you exactly how much a home is worth, so you don’t pay too much.

Approved Lender: A lending institution, such as a bank, Credit union , trust companies and other lenders 

Assumption Agreement: A legal document that requires a person buying a home to take over

responsibility for the mortgage of the home builder or previous owner.

Blended Payment: A mortgage payment that includes both the principal loan amount and the interest.

The payment remains the same throughout the life of the mortgage, but the percentages of the payment

that go towards the principal or interest change over time.

Closed Mortgage: A mortgage that cannot be prepaid or renegotiated before the end of the term

without the lender’s permission and an interest penalty.

Closing Costs: The costs you will have to pay in addition to the purchase price of a home on the day you

officially own the home. These costs include legal fees, transfer fees and disbursements. They usually range

from 1.5% to 4% of the purchase price.

Closing Date: The date at which the sale of a property becomes final and the new owner takes

possession of the home.

Principal: The amount that you borrow for a loan.

Property Insurance: Insurance that protects you in case your home or building is destroyed or damaged

by fire or other hazards listed in the policy.

Property Taxes: Taxes charged by the municipality where a home is located based on the value of home.

Private lending : first mortgage 3.99% apr.

2^nd mortgage as low as 6.99% apr, It goes up to 95% LTV but interest rate may vary..call for book an appointment.

Why MortgageGurus

we are fastest growing network and professional services which make us stand out , our dedicated services towards our client , empathy and

After gaining years of experienced we know how much stressfull process for first time home buyer as well as any mortgage transaction ,

we educate the client and understand them the how borrowing cost effect your APR and other factors. We know the industry and by experiencing make the process easier for you , we supply volume to lenders to we get discounted rate for clients.

Not only that step by step review your application and support , real estate assistance, lawyer services as well as other professionals services assistance so you save lot of time and money same way.

Lower Rates: Even from your own bank.

No Fees: Plus we cover your appraisal costs.

Peace of Mind: Let us deal with the banks for you.