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Need To Know...

Muskoka Home Buyers

Home Buyer's Introduction Determine What You Can Afford Understanding Market Conditions Obtaining a Pre-Approved Mortgage How to Make an Offer Hire a Legal Professional Have the Home Inspected The Home Buyer's Glossary

Muskoka Home Sellers

Home Seller's Introduction Understanding Market Conditions Pricing Your Property Marketing Your Muskoka Home Signing a Listing Agreement Preparing to Show Your Home The Major Elements of an Offer Some Moving Tips Increase You Home Value

Muskoka Community Information

Our Communities What To Do, Where To Dine, Where To Stay Muskoka Relocation Information Town of Huntsville Township of Lake of Bays Algonquin Provincial Park Huntsville Festival of the Arts

Glossary of Terms

Amortization Anniversary Appraisal Appraised Value Approved Lender Assumption Balanced Market Blended Payment Building Permit Buyer's Market Closed Mortgage Closing Costs Closing Date CMHC Collateral Mortgage Commitment Letter / Mortgage Approval Conditional Offer / Conditions of Sale Conventional Mortgage Conveyancing Covenant Deed Default Deposit Discharge of Mortgage Down Payment Easement Encumbrance Equity First Home Loan Insurance (FHLI) Foreclosure Gross Debt Service Ratio (GDS) High-Ratio Mortgage / Insured Mortgage Loan High-Ratio Mortgage / Insured Mortgage Loan Holdback Interest Adjustment Date (IAD) Interest Rate Lending Value Lien (Mechanics) Loan-to-Value Ratio Maturity Date Mortgage Mortgage Life Insurance Mortgage Loan Insurance Mortgage Payment Mortgagee Mortgagor Net Worth NHA Premium Offer to Purchase Open Mortgage Option Agreement Portability Pre-Approved Mortgage Prepayment Privileges Principal Principal, Interest, and Taxes (P.I.T.) Principal, Interest, Taxes, and Heating (P.I.T.H.) Property Purchase or Land Transfer Tax Realtor® Refinance Regular Mortgage Renewal Second Mortgage Seller Take-Back Mortgage Seller's Market Statement of Adjustment Strata or Condominium Fee Survey Term Title (freehold or leasehold) Total Debt Service Ratio (TDS) Variable-rate Mortgage Zoning Bylaws

Closed Mortgage

A mortgage loan that has a locked-in payment schedule, which does not vary over the life of the closed term. A buyer who uses a closed mortgage will likely have to pay the lender a penalty if you fully repay the loan before the end of the closed term.

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Supporting Our Community

Donations made with every home sold

Huntsville District Memorial Hospital Foundation

Huntsville District Memorial Hospital Foundation

Royal LePage Shelter Foundation

John Aben