Net Assets, are assets in excess of liabilities. Assets Everything that a person or company owns or has a right to, from which a benefit can derive.
The valuation is by a licensed valuer for the lending purposes and may not reflect the actual market value. Appraised Value An estimate of the value of the property offered as security for the loan. Application fees Fees charged to cover or partially cover the lender's internal costs for processing the loan approval for the borrower. Annual percentage rate The rate of interest being charged per annum (APR). Amortisation period The period of time you have to repay the loan at the agreed rate. Affordability Measured by an index which is the ratio of your average household disposable income to the income required to meet the repayments of the loan or loans concerned.
Additional payments Extra loan repayments paid to the loan above the minimum repayment amount, paid during the loan term. Should you require further assistance please click on the link below to email your question to AĪ Accrued Interest Interest that you have earned or incurred which is yet to be paid or charged to your account.
#Synergy one lending cashout refinance how to#
Contact us to discuss how to leverage the equity in your home.To assist in finding your way through the maze of terms and language used in the mortgage industry we have provided the following glossary. Legal fees will range from approximately $550.00 – $1500.00 and appraisal cost will be approximately $300.00 – $1000.00 Discharge / Administration Fees may range from approximately $75.00 – $500.00. We will provide you with a list of lender approved lawyers / Notaries. It is imperative to determine your penalty using the assistance of your Mortgage Broker and your lender.Ĭosts: For legal quotes pertaining to your specific transaction please contact a lawyer or notary for a quote. Interest rate differential penalties may be difficult to calculate accurately and may change without notice based on lender’s current rate changes. Penalty: Unless you have a fully open mortgage, or your mortgage is up for renewal, the lender will generally charge a 3 month interest penalty or the interest rate differential, whichever is greater. Note: The lending value may be lower than market value. Your lender and/or mortgage broker will arrange for an appraisal to determine the lending value. Maximum Loan Amount: Must not exceed 80% of the current appraised value of your home. Combining a 1st & 2nd mortgage: to obtain a lower interest rate and/or better terms.Major purchase: use your equity to buy a 2nd home, car, boat, Canadian or American vacation property etc.Renovations: home improvements, and repairs.Cash Equity: use your cash for investment purposes and/or personal spending such as a vacation.Consolidate your debts: pay off high interest credit cards and other debts.Synergy Mortgage can help you obtain lower interest rates and better terms on your new mortgage for either owner occupied homes, rental properties, or 2nd homes to: You may save money by consolidating these debts into your mortgage to have all debts covered in one monthly payment. MONEY SAVING TIP: Take advantage of historically low interest rates to refinance your home to pay off high interest credit card balances and other consumer loans. By refinancing you may be able to secure a lower interest rate and / or better terms.
You have the option of keeping your mortgage amount the same or increasing it to take out extra cash. If you own your home clear title, a new mortgage will be registered on your title. REFINANCE How to Turn Your Home Equity into OpportunityĪ refinance is essentially a brand new mortgage that replaces your existing mortgage and/or other registered encumbrances either with your current lender or a new lender.
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