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Built on firm and floating home mortgages for $500,000 loan at 80% LGR and for principal and interest payments. Above chart shows a quick overview of the home loan products with floating and floating rates available for investment in the Canstar data base, with link to the providers' web sites. Built on firm and floating home mortgages for $500,000 loan at 80% LGR and for principal and interest payments.
Housing Loans Glossary of Terminology
This is a general statement of the meanings of the terms that are used in respect of home loans/mortgages. Claim Fees - A levy payable to the creditor for the establishment of a home loan. Processing fees - A service charges that some creditors levy for brokering your loan. Bi-weekly Hypothec - A home loan where payment is planned for every second weekly and not every monthly.
Bridge Loan - A loan that can be used to purchase a new home before an old one is sold, usually at the last minute. Buy Down - When the home purchaser "buys" the interest rates by making an advance payment of an starting charge, thereby narrowing the amount of prospective payment. Creditors use the information in your database to help them determine whether or not to grant you credit.
Savings insurance - A replacement for a small amount of money to help you buy a home. Useful, if the purchaser has bound liquid funds in time money or stocks, but the purchaser is nevertheless obliged to settle the full amount of the transaction. Advance payments - The original repayment of the housing loan, usually a small portion of the overall amount.
Drawing rate - The date on which the borrowed funds are first used by the borrowing party. Burden - An unpaid debt or burden on a real estate object. As an example, if a home is priced at $200,000 and the homeowner has a loan of $120,000 against the home, the amount of capital in the home is $80,000.
Additional refunds - Some home loan schemes allow you to make additional payment earlier/larger than the amount needed. Mortgages - These mortgage mortgages allow a debtor to set an interest rates for a certain amount of money, usually 1-5 years. Interest rates paid by the Mortgagor shall be the same for this term, regardless of changes in the Reserve Bank's formal money market.
Variable interest mortgages - A mortgages loan where the interest rates are not set (it fluctuates) and can fluctuate up and down, generally in line with changes in interest rates. Enforcement - When the owner of the home falls into arrears with the loan and has lost interest in the real estate.
As a rule, this results in a compulsory purchase of the house, with the revenue going towards the mortgages due.