Closing Archives | The Mortgage Centre

Appraisal

The process of determining the lending value of a property. There is usually a fee to have an appraisal done.

The amount of interest due between the date your mortgage starts and the date the first mortgage payment is calculated. Sometimes, there is a gap […]

A tax that is levied (in some provinces) on any property that changes hands. Not applicable in Alberta.

Some of the legal costs associated with selling or purchasing a property. It’s in your best interest to engage the services of a real estate […]

The amount you will owe if the person selling you the home has prepaid any property taxes or utility bills. The amount to reimburse them […]

A legal description of your property and its location and dimensions.