Page 168 - The-Mortgage-Maximiser-Method-by-Thomas-Ilinkovski

E

Easement: ůĞŐĂů ƌŝŐŚƚ ƚŽ ƵƐĞ ĂŶŽƚŚĞƌ͛Ɛ ůĂŶĚ ĨŽƌ Ă ƐƉĞĐŝĮĐ͕ ůŝŵŝƚĞĚ ƉƵƌƉŽƐĞ
;Ğ͘Ő͕͘ ĨŽƌ ĂĐĐĞƐƐ ƚŽ ĂŶŽther property).

Encumbrance: Ŷ ĞŶĐƵŵďƌĂŶĐĞ ĐĂŶ ƌĞƐƚƌŝĐƚ ƚŚĞ ŽǁŶĞƌ ŽĨ Ă ƉƌŽƉĞƌƚLJ͛Ɛ ĂďŝůŝƚLJ
ƚŽ ƚƌĂŶƐĨĞƌ ƚŚĞ ƟƚůĞ ŽĨ ƚŚĞŝƌ ƉƌŽƉĞƌƚLJ ĚƵĞ ƚŽ ĂŶ ŽƵƚƐƚĂŶĚŝŶŐ ůŝĂďŝůŝƚLJ Žƌ ĐŚĂƌŐĞ

on the property.

ƋƵŝƚLJ͗ ŚŽŵĞ ŽǁŶĞƌ͛Ɛ ĮŶĂŶĐŝĂů ŝŶƚĞƌĞƐƚ ŝŶ Ă ƉƌŽƉĞƌƚLJ͘ ƋƵŝƚLJ ŝƐ ƚŚĞ ĚŝīĞƌĞŶĐĞ
ďĞƚǁĞĞŶ ƚŚĞ ƉƌŝĐĞ ĨŽƌ ǁŚŝĐŚ Ă ŚŽŵĞ ĐŽƵůĚ ďĞ ƐŽůĚ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ƐƟůů
ŽǁĞĚ ŽŶ ŝƚƐ ŵŽƌƚŐĂŐĞ͘ ƋƵŝƚLJ ƵƐƵĂůůLJ ŝŶĐƌĞĂƐĞƐ ĂƐ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ƉƌŝŶĐŝƉĂů
of the mortgage is reduced through regular payments. Market values and
ŝŵƉƌŽǀĞŵĞŶƚƐ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚLJ ĂůƐŽ ĂīĞĐƚ ĞƋƵŝƚLJ͘

Establishment fees: &ĞĞƐ ƉĂLJĂďůĞ ƚŽ Ă ůĞŶĚĞƌ ƚŽ ĐŽǀĞƌ ƚŚĞ ĐŽƐƚƐ ŽĨ ƐĞƫŶŐ ƵƉ
a loan ;Ğ͘Ő͕͘ ƉƉůŝĐĂƟŽŶ ĨĞĞ͕ ^ĞƩůĞŵĞŶƚ ĨĞĞ ĞƚĐͿ͘

džŝƚͬƉƌĞƉĂLJŵĞŶƚ ĨĞĞƐ͗ Fee that some lenders charge if you pay all or part of

LJŽƵƌ ŵŽƌƚŐĂŐĞ Žī ĞĂƌůLJ͘ džŝƚ ĨĞĞƐ ŐĞŶĞƌĂůůLJ ĂƉƉůLJ ƚŽ ĮdžĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ůŽĂns.

G

Guarantee: A guarantee is a promise to take responsibility for another’s
ĮŶĂŶĐŝĂů ŽďůŝŐĂƟŽŶ ŝĨ ƚŚĞLJ ĂƌĞ ƵŶĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞ ŽďůŝŐĂƟŽŶ ƚŚĞŵƐĞůǀĞƐ͘

Guarantor: ƉĂƌƚLJ ǁŚŽ ĂŐƌĞĞƐ ƚŽ ďĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉĂLJŵĞŶƚ ŽĨ ĂŶŽƚŚĞƌ
party’s debts should that party default.

H

Home Loan: ŚŽŵĞ ůŽĂŶ ƌĞƋƵŝƌĞƐ LJŽƵ ƚŽ ƉůĞĚŐĞ LJŽƵƌ ŚŽŵĞ ĂƐ ƚŚĞ ůĞŶĚĞƌ͛Ɛ
ƐĞĐƵƌŝƚLJ ĨŽƌ ƌĞƉĂLJŵĞŶƚ ŽĨ LJŽƵƌ ůŽĂŶ͘ dŚĞ ůĞŶĚĞƌ ĂŐƌĞĞƐ ƚŽ ŚŽůĚ ƚŚĞ ƟƚůĞ Žƌ
ĚĞĞĚ ƚŽ LJŽƵƌ ƉƌŽƉĞƌƚLJ ƵŶƟů LJŽƵ ŚĂǀĞ ƉĂŝĚ ďĂĐŬ LJŽƵƌ ůŽĂŶ ƉůƵƐ ŝŶƚĞƌĞƐƚ͘

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