Cell: 403.850.2446
Office: 403.247.7770
Fax: 403.592.9145
CIR Realty
168 - 8060 Silver Springs Blvd NW
Calgary AB T3B 5K1

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Glossary of Terms

Amortization Period: 
The repayment of a debt over a period of time in a series of regular payments or principle and accrued interest. (Example: 25 years)

Appraised Value:
The estimate of value of the property at a specific time as determined by a certified appraiser. This may differ from the market value or sale price of the home. Appraised value is used by financial institutions to determine the mortgage that will be offered on a particular property.

Bridge Financing:
Also called interim financing. A short-term loan to bridge a gap in closing dates.

The owner has title to a single unit, as well as a share in the common elements such as elevators, land, amenities, etc. The term condominium can apply to an apartment style unit or a home in a large acreage.

Condominium Fee:
A payment paid to the Condominium Association made on a regular basis to pay for maintenance and care of the condominium. The amount paid will be determined by a unit’s share of the condominium.

Conventional Mortgage:
A mortgage loan issued for up to 75% of the property’s Appraised Value or purchase price, whichever is less.

The transfer of the title of land from one person to another, or the means or medium by which legal title to property is transferred.

The payment of money or other valuable consideration as a pledge for fulfillment of a contract.
Down Payment:
The buyer’s cash payment towards the property. The difference between the purchase price and the amount of the mortgage loan.

The difference between the selling price and the owner’s debts against it.

High Ratio Mortgage:
A mortgage that exceeds 75% of the Appraised Value. High-Ratio Mortgages must be insured.
Home Owner Fee/Community Fee:
Some communities or community associations set a fee per household for the maintenance of community services. This is independent of a condominium fee.

A charge or amount paid for the use of money, usually a percentage of the amount invested, borrowed or loaned.

Mortgage Insurance:
This insurance premium is required by lenders on a high-ratio mortgage. The premium payable is based on a percentage of the home’s purchase price that is financed by a lender. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.

Payout Penalty:
A charge for renegotiating or repaying the mortgage before the end of the term.

Prepayment Privileges:
Some mortgages will allow for partial or full repayment of the principal without penalty.

Principal (of Mortgage):
The amount in a mortgage agreement that is borrowed.

Term (of Mortgage):
The length of time a mortgage agreement is effective. When the term expires, the balance of the principle is either repaid in full or the mortgage is renegotiated at current market rates and conditions. (Example: 6 months, 1 year, 5 years)

Legal ownership in a property.

Data supplied by CREB®’s MLS® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.