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Though it's been noted a thousand times before it’s nevertheless true; buying a home is one the most important financial decisions you will make. If you're planning to buy or sell a home in South Surrey / White Rock, then you'll want to make use of the information that we've assembled here in our resource section. Take a look through this section to get the information you need and don't hesitate to contact us with any questions. As always, our commitment is to provide you with the best information along with the best service to make your next move the right move.
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Glossary

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Net Cash Flow

Incremental after-tax income plus depreciation expense resulting from investment.

Net Income

The difference between effective gross income and expenses. The term is qualified as net income before depreciation and debt.

Net Worth

The total value of all assets, such as house, car, furniture and investments, minus all debts, such as mortgages and credit card bills.

No-documentation Loan

A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.

NIMBY (Not In My Backyard)

A term, usually used derisively by people who don't live in the affected vicinity, to describe residents' opposition to the introduction of something they don't want in their neighborhood, such as a group home, toxic waste incinerator or prison.

Non-assumption Clause

A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.

Non-dischargeable Debt

A debt that cannot be eliminated in bankruptcy. Most Federal taxes is a good example.

Non-liquid Asset

A possession that can't be transformed readily into cash. Stocks and bonds are liquid assets because they can be sold easily; a house is a non-liquid asset because it takes time to sell.

Non-resident Alien

A person who is not a permanent resident or a citizen of Canada, and who is generally taxed on income from Canadian resources.

Non-refundable Credit

Tax credits reduce your tax liability dollar-for-dollar. Non-refundable credits can get your tax bill down to zero.

Non-owner Occupant

A borrower who will not be residing in the subject property as their principal residence; the borrower on rental/investment property.

No Money Down Mortgage

Available in Canada as a true 100% mortgage financing product.

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