HOME BUYER’S GLOSSARY
AMORTIZATION PERIOD
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
APPRAISAL
The process of determining the market value of a property.
CLOSED MORTGAGE
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
CLOSING DATE
The date on which the new owner takes possession of the property and the sale becomes final.
COLLATERAL
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
DEPOSIT
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
EQUITY
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
MORTGAGE
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
TERM
The period of time the financing agreement covers. The terms available are; 6 month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Buyer’s List of Contacts for Services
Mortgage Lenders –
- Malene Behncke, TD Bank Lending Advisor, 250.837.6900, Revelstoke
- Cindy Robbeson, CIBC Mortgage Advisor, 250-878-3507, robbeson@CIBC.com
- Hayley White, Mortgage Agent, 250.808.3618, hayley@mortgagessnow.ca
Home Inspections –
- Brian Ball, North Columbia Home Inspections, 250.814.9252, info@homeinspections.ca
- Lee Wilson, Home Inspector, 250.682.7114, info@inclinedhomeinspectors.ca
- Raul Poole, Clarion Home Inspections, 250.804.9915
Insurance –
- Bob DEVLIN at Revelstoke Credit Union (RCU) Insurance, 250.837.6291
- Joyce CWIKULA at HUB International, 250 837.5211
Lawyers or Notary –
- Jane LETTON, Calliope Law Corporation, 250.805.2502, Calliope Law Corporation – Legal Advice, Practical Solutions
- Aimee SCHALLES, Mackenzie Peak Law Corporation, 250.837.4971, Mackenzie Peak Law Corporation – Revelstoke Lawyers
- Melissa Klages, Arrow Law Corporation, 250.837.6171, Revelstoke Lawyers: Arrow Law Corporation
- Meaghann HUTTON, Meghann Hutton Notary Corporation, office@mhuttonnotary.ca, 250.837.6716, Revelstoke Notary
Services and Utilities-
- BC Hydro – contact to set-up electrical service, New BC Hydro customers
- Fortis – to set-up the propane service, Open, close or move your account | FortisBC
- Telus – home phone and internet, Phones, Internet and TV on the most-awarded network | TELUS
- Tom Harris Telus Mobility – 250.837.5707, Revelstoke – Tom Harris
