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Glossary - S
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Mortgage Brokers Glossary - S
- Simple Interest:
- Interest which is computed only on the principal balance. It is not compounded by calculating interest payable on accrued interest.
- Survey:
- The legal written and/ or mapped description of the location and dimensions of your land. The survey should also show the dimensions and placement on the lot of any structure, including additions such as pools, sheds and fences. An up-to-date survey is often required by a lender as part of the mortgage transaction.
- Switch/Transfer:
- This is the term almost universally applied to changing lenders at the end of a term, when the mortgage becomes "open". Most lenders will now pay all of the costs of a "switch/transfer." (as well as giving them a reduced rate to lure them away from a competitor)
