Jencor Mortgage Corporation - Calgary's Mortgage Specialist

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JENCOR MORTGAGE

305 - 1822 10th Ave S.W.
Calgary, Alberta
T3C 0J8

Phone Number:            (403) 245-3636
Fax Number:                (403) 229-3113
E-mail:         info@jencormortgage.com

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Amortization Period The Actual number of years it will take to repay a mortgage loan in full. This can be well in excess of the loan's term. For example, mortgages often have a five year term but a 25 year amortization period.

Appraisal This is an estimate of the current value of the property for the lender (the 'subject property'), using one or both of the following techniques;
Market value comparison approach: The majority of residential appraisals use this technique, comparing recent sales of similar properties ('comparables' or 'comps' in real estate jargon) and adding and subtracting the differences in value of the same features in the subject property. For example, if a house of the same size on the same street and in the same condition as the subject property recently sold for $200,000, but this 'comparable' had a triple garage and a finished basement and the 'subject' does not; the appraiser calculates the market value of these features (say, $12,000 in total) and deducts this amount from $200,000, giving an 'adjusted value' of $188,000. This is usually done with at least three 'comparables' and either averaged or the middle ('median') value used.
Depreciated cost approach: This technique is a supporting measurement of value used by many appraisers, whereby the land value is estimated and added to an estimate of the depreciated building value. Where there are few comparables available, relatively more weight might be given to this method.

Assessment The "assessed" value of a property is a historical, static estimate of the value of your property used by a municipal (local) government as a basis for calculating annual property taxes. An "assessment notice" from the municipality contains the "assessed value" and when multiplied by the current "mill rate" the property taxes for the year can be calculated. In some municipalities, the mill rate is provided on the assessment notice and in others it is provided separately.

Assignment of Interest Most Provinces allow a legal assignment of interest in a mortgage to have full legal effect without having to discharge and re-register the existing one. This is particularly useful in:

Switch situations, where the costs of transferring lenders would otherwise be very high.
Second mortgage situations where a postponement may be difficult to obtain.

Assumable Mortgage A mortgage which a qualified buyer can take over from the current owner of a property upon its sale. Assuming a mortgage can provide a buyer with a below market interest rate, (if rates are now higher), as well as saving on the legal costs of creating and registering a whole new mortgage. "Assumption" entails a simple amendment to the mortgage document registered on title (see "Switch").

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