It’s time once again to jump into the jargon of the world of home finance. This week we feature letters E & F…
The difference between the value of a house, and the balance of the outstanding amount owing on the home loan.
An interest rate which is set for an agreed period of time and will not change if the home loan rates increase or decrease
Refers to ownership of the land a house was built on and the house itself
Refers to a legal procedure enforced by the lender. If the borrower defaults on payments, their right to the property is revoked. The lender will recoup lost funds by selling the house at public auction. Also know as repossession.
Interest charged on the home loan
Refers to registering a further bond over your existing property to obtain further funds on that bond