A
Amortization Period
The amortization period is the length of time it will take a homeowner to pay off their mortgage, including interest…
B
Beneficial Interest
The beneficial interest is defined as an individual’s right to benefit from a property or asset, regardless if they are…
C
Closed Mortgage
A closed mortgage means that the terms a homeowner agrees to when they sign their mortgage contract can not change…
Closing Costs
Closing costs are the various legal and administrative costs paid at the time of purchase and sale of a home.
Co-investment
A co-investment is the name given to both the homebuyer’s and Ourboro’s down payment contributions towards, or…
Complimentary Home Maintenance Program
The Complimentary Home Maintenance Program gives Ourboro co-owners access to professional home maintenance on a regular…
Co-ownership
Co-ownership, also known as shared ownership, is when one or more parties enter an agreement to buy and own a property…
Co-ownership Agreement
A co-ownership agreement is a legal agreement between all co-owners of a property. This agreement establishes the rights…
Credit Check
A credit check is a process used to determine an individual’s creditworthiness.
D
Down Payment
A down payment is the amount of money a homebuyer puts towards purchasing their home on closing day, while their…
F
Fair Market Value
Fair market value is the price that a buyer and seller agree to for a given asset or property.
Fixed Rate Mortgage
A fixed-rate mortgage has an interest rate that will remain the same over the mortgage term.
Future Value
Future value is a financial concept that refers to the value of an asset at a specific point in the future, given a…
H
Homeowner’s Advance Fund (HAF)
The Homeowner’s Advance Fund (HAF) is a pool of funds set aside for Ourboro homeowners to withdraw from when they may…
I
Inspection Condition
An inspection condition is a clause included in an Agreement of Purchase and Sale that states that the offer is…
J
Joint Tenancy
Joint tenancy is a form of co-ownership, used when two or more individuals have equal ownership rights and obligations…
K
Knob and Tube Wiring
Knob and tube wiring is a type of electrical wiring that was widely used until the 1940s.
Mortgage Broker
A mortgage broker acts as an intermediary between the homebuyer receiving the mortgage and the mortgage lender.
Mortgage Pre-approval
A mortgage pre-approval is a process in which a lender evaluates a potential borrower’s creditworthiness and confirms…
Mortgage Principal Repayment
A mortgage principal repayment is an amount paid by the co-owner towards their mortgage principal that is returned to…
N
Negative Amortization
Negative amortization occurs when the monthly payments a homeowner makes toward their mortgage are not enough to cover…
O
Open Mortgage
An open mortgage is a mortgage that allows repayment of the principal loan amount at any time, without penalty.
P
Professional Co-ownership
Professional Co-ownership is a form of co-ownership but, instead of being between two or more individuals, it is formed…
Q
Qualifying Ratios
Qualifying ratios are benchmarks used by lenders to determine the maximum amount of debt a borrower can take on,…
Renovation Credit
A Renovation Credit is the amount paid back to a co-owner from the property’s sale proceeds to cover expenses paid when…
S
Sale Proceeds
A Renovation Credit is the amount paid back to a co-owner from the property’s sale proceeds to cover expenses paid when…
Selling Bonus
When selling a property co-owned with Hany Adam Homes , closing costs are generally the co-owner’s responsibility.
U
Underwriting
Underwriting is the process a lender takes to assess the risk associated with approving a mortgage loan application.
V
Variable Rate Mortgage
A variable rate mortgage is a mortgage with an interest rate that may change periodically, based on market conditions.
W
Walkthrough
A walkthrough is one of the last steps a buyer will take before they close on their new home.
A
Amortization Period
The amortization period is the length of time it will take a homeowner to pay off their mortgage, including interest…
B
Beneficial Interest
The beneficial interest is defined as an individual’s right to benefit from a property or asset, regardless if they are…
C
Closed Mortgage
A closed mortgage means that the terms a homeowner agrees to when they sign their mortgage contract can not change…
Closing Costs
Closing costs are the various legal and administrative costs paid at the time of purchase and sale of a home.
Co-investment
A co-investment is the name given to both the homebuyer’s and Ourboro’s down payment contributions towards, or…
Complimentary Home Maintenance Program
The Complimentary Home Maintenance Program gives Ourboro co-owners access to professional home maintenance on a regular…
Co-ownership
Co-ownership, also known as shared ownership, is when one or more parties enter an agreement to buy and own a property…
Co-ownership Agreement
A co-ownership agreement is a legal agreement between all co-owners of a property. This agreement establishes the rights…
Credit Check
A credit check is a process used to determine an individual’s creditworthiness.
D
Down Payment
A down payment is the amount of money a homebuyer puts towards purchasing their home on closing day, while their…
F
Fair Market Value
Fair market value is the price that a buyer and seller agree to for a given asset or property.
Fixed Rate Mortgage
A fixed-rate mortgage has an interest rate that will remain the same over the mortgage term.
Future Value
Future value is a financial concept that refers to the value of an asset at a specific point in the future, given a…
H
Homeowner’s Advance Fund (HAF)
The Homeowner’s Advance Fund (HAF) is a pool of funds set aside for Ourboro homeowners to withdraw from when they may…
I
Inspection Condition
An inspection condition is a clause included in an Agreement of Purchase and Sale that states that the offer is…
J
Joint Tenancy
Joint tenancy is a form of co-ownership, used when two or more individuals have equal ownership rights and obligations…
K
Knob and Tube Wiring
Knob and tube wiring is a type of electrical wiring that was widely used until the 1940s.
Mortgage Broker
A mortgage broker acts as an intermediary between the homebuyer receiving the mortgage and the mortgage lender.
Mortgage Pre-approval
A mortgage pre-approval is a process in which a lender evaluates a potential borrower’s creditworthiness and confirms…
Mortgage Principal Repayment
A mortgage principal repayment is an amount paid by the co-owner towards their mortgage principal that is returned to…
N
Negative Amortization
Negative amortization occurs when the monthly payments a homeowner makes toward their mortgage are not enough to cover…
O
Open Mortgage
An open mortgage is a mortgage that allows repayment of the principal loan amount at any time, without penalty.
P
Professional Co-ownership
Professional Co-ownership is a form of co-ownership but, instead of being between two or more individuals, it is formed…
Q
Qualifying Ratios
Qualifying ratios are benchmarks used by lenders to determine the maximum amount of debt a borrower can take on,…
Renovation Credit
A Renovation Credit is the amount paid back to a co-owner from the property’s sale proceeds to cover expenses paid when…
S
Sale Proceeds
A Renovation Credit is the amount paid back to a co-owner from the property’s sale proceeds to cover expenses paid when…
Selling Bonus
When selling a property co-owned with Ourboro, closing costs are generally the co-owner’s responsibility.
U
Underwriting
Underwriting is the process a lender takes to assess the risk associated with approving a mortgage loan application.
V
Variable Rate Mortgage
A variable rate mortgage is a mortgage with an interest rate that may change periodically, based on market conditions.
W
Walkthrough
A walkthrough is one of the last steps a buyer will take before they close on their new home.
