Ready For Occupancy (RFO): A ready-for-occupancy (RFO) unit is a property in which new property owners can move in shortly after the sale. These are typically units/condos that are ready to move in. Developers will typically need a Letter of Guarantee from a bank before moving in.

Home Equity: Is where you own the property outright already and would like to use the home as collateral to take out a loan for various purposes such as: go on a holiday, buy a car, consolidate debt, pay for education expenses, etc.

Re-Selling: This means you are buying a property from a a previous owner (the seller). These are not new properties from a property developer.

New Construction: Means you are building a property. In this case, the home loan will be paid out over several instalments as the property is built.

Renovation: Means you own the property already and are wanting to renovate it to upgrade its appearance and/or increase its size. The home loan will be used for the renovation cost.

Refinancing: Is where you have a home loan already but would like to move the home loan to another bank to take advantage of a lower interest rate. The home loan will be moved from Bank A to Bank B.

Pre-Selling: Is the stage where a real estate developer is offering or marketing properties — either condominiums, townhouses, or houses and lots — before they have actually completed building them.