It’s Mortgage Monday. Stay bond savvy with immoafrica’s Mortgage Glossary. Today it’s M, for Mortgage…
A home loan. A loan to finance the purchase of property.
A company or individual, who sources the best finance and terms with various lenders for borrowers to purchase a property. A mortgage broker works for the purpose of loan origination between lenders and borrowers.
The delegation of authority by the seller to an estate agent to sell and market their property
Monthly Debt Service
The monthly mandatory payments on all instalment loans, credit cards and all other debt commitments, excluding the loan applied for.
Monthly Housing Expense
All cumulative expenses for covering the cost of owning a home. This includes, monthly bond payments, taxes, levies, utilities and home owners insurance.