Net Amount of Loan
|
The net proceeds of loan to be disbursed to the
borrower
|
Term
|
The number of years over which the Interest rate
as set out in the mortgage contract will remain in effect
|
Gross Amount of Loan
|
Total funds to be borrowed inclusive of costs such as legal
fees, application, discount and lender fees
|
Amortization
|
The number of years it will take to repay the loan
based on the Interest rate charged under the mortgage.
|
End of Term Balance
|
The end of term balance, subject to all monthly payments
being paid as agreed
|
Prime Rate
|
2.75 %
|
M/P
|
Monthly payment. All payments are "interest only". Mortgage
may be amortized at the borrower's request.
|
APR
|
Annual percentage rate. A calculation which takes
into consideration the Interest rate in effect during the term of the mortgage
together with the costs associated with arranging the loan
|
L/V
|
Loan to value ratio. Total mortgage encumbrances divided by
property value.
|
