Before you join hand with this company, it is time to learn more about this firm first. This sector comes handy with unprecedented speed, where the average closing time is around 15 days. It further offers clients with unprecedented service. For that, you just have to contact Joseph Shalaby for help. There are no needs to contact processing centers or call centers for help. You will come across your dedicated loan consultant, always there to guide you right from first till last and available over the phone always. So, you can contact him anytime for matching your needs.
Mortgage terms : Closed mortgage – A mortgage that cannot be repaid or prepaid, renegotiated or refinanced prior to maturity, unless stated in the agreed upon terms. Closing costs – Costs that are in addition to the purchase price of a property and which must be paid on the closing date. Examples include legal fees, land transfer taxes, and disbursements. Debt service ratio – The percentage of the borrower’s income used for monthly payments of principal, interest, taxes, heating costs, condo fees (if applicable) and debts. GDS is gross debt service – how much you spend on Principal, Interest, Taxes and Heating. TDS is total debt service – GDS plus all other debt payment obligations. Default – A homeowner is ‘in default’ when he or she breaks the terms of a mortgage agreement, usually by not making required mortgage payments or by not making payments on time. Down payment – The money that you pay up-front for a house. Down payments typically range from 5%-20% of the total value of the home, but can be anything above 5%, if you qualify. Early Discharge Penalty – A penalty you may pay your lending institution for breaking the mortgage contract early. This is usually 3 months interest or the Interest Rate Differential (IRD), whichever is larger. See below for IRD.
Paying attention to your money is very important. Here are some tips related to finance terms. Just as the name indicates, rewards cards are those that offer rewards on credit card purchases. There are three basic types of rewards cards: cashback, points, and travel. Some people prefer the flexibility of cashback rewards, while others like points that can be redeemed for cash or other merchandise. Travel rewards cards remain a favorite among frequent travelers because of the ability to earn free flights, hotel stays, and other travel perks.
Payday Loan Interest: Payday lenders charge borrowers extremely high levels of interest that can range up to 500% in annual percentage yield (APR). Most states have usury laws that limit interest charges to less than approximately 35%; however, payday lenders fall under exemptions that allow for their high interest. Since these loans qualify for many state lending loopholes, borrowers should beware. Regulations on these loans are governed by the individual states, with some states even outlawing payday loans of any kind. In California, for example, a payday lender can charge a 14-day APR of 459% for a $100 loan. Finance charges on these loans are also a significant factor for borrowers as the fees can range up to approximately $18 per $100 of loan. More financial calculators at Mortgage payment calculator.
Terms: A loan shark is a person who – or an entity that – charges borrowers interest above an established legal rate. Often they are members of organized groups offering short-term loans who use threats of violence for debt collection.
Balance transfer: The movement of the amount owing from one account to another account. A credit card balance transfer, for example, involves the movement of the amount owed on one or more credit cards to another account or institution, usually for the purposes of consolidating debt and/or taking advantage of better interest rates and/or payment terms. More financial info on Amortization table.
Net Income: In its most basic definition, net income refers to a company’s total earnings or profit. Simply put, net income is the difference calculated when subtracting all expenses (including tax expenses) from revenue. When a company’s net income increases, it’s normally a result of either revenue increasing or expenses being slashed. It goes without saying that an increase in net income is generally perceived as a positive thing and factors into a stock’s performance.
Interest Rate Differential – A way lenders calculate the penalty for discharging a mortgage before the end of a closed mortgage contract. The difference between the interest that the financial institution will make if you continued your mortgage to the end of the contract and what they will make by loaning it to someone else at the current interest rate. More on Year fixed mortgage rates today. High ratio mortgage – A mortgage where the borrower is contributing less than 20% of the value of the property as the down payment. The borrower may have to pay a mortgage default insurance premium such as CMHC insurance, usually tacked onto the mortgage amount.