Glossary
We know there’s a lot of new lingo to learn when you’re looking for a mortgage. That’s why we have this handy glossary to help you search and research with confidence and ease so you can find the mortgage that’s right for you.
Accelerated Bi-Weekly Mortgage Payment
Accelerated Weekly Mortgage Payment
Agreement of Purchase and Sale
Amortization
Appraisal
Assumable Mortgage
Bad Credit Mortgage
Bank of Canada
Basis Point
Bi-Weekly Mortgage Payment
Blended Mortgage
Bridge Financing
Carrying Costs (or Monthly Carrying Costs)
Cash Back Mortgage
Closed Mortgage
Closing Costs
Closing Dates
Collateral Mortgage
Conventional Mortgage
Convertible Mortgage
Credit Score
Debt Service Ratios
Default
Deposit
Down Payment
Early Mortgage Renewal
First Mortgage
First-Time Home Buyers' Tax Credit
Fixed Mortgage Rate
Gross Debt Service Ratio (GDS)
Gross Income
GST/HST (on New Home Purchase)
High-Ratio Mortgage
Home Buyers' Plan (HBP)
Home Equity
Home Equity Line of Credit (HELOC)
Home Inspection
Interest
Interest Adjustment Date
Land Transfer Tax
Land Transfer Tax Rebate
Lender / Provider
Lien
Loan-to-Value Ratio (LTV)
Lump Sum Payment
Market Value (or Assessed Value)
Maturity Date
Maximum Affordability
Monetary Policy Report
Monthly Mortgage Repayment
Mortgage
Mortgage Application
Mortgage Approval
Mortgage Broker
Mortgage Default Insurance
Mortgage Pre-Approval
Mortgage Rate
Mortgage Renewal
Mortgage Term
New to Canada Mortgage
Offer to Purchase
Open Mortgage
PITH
Portable Mortgage
Prepayment Options
Prepayment Penalty
Prime Rate
Principal
Private Mortgage
Property Tax
Purchase Price
Rate Hold
Real Estate Agent / Realtor
Real Estate Lawyer
Reverse Mortgage
Second Mortgage
Self-Employed Mortgage
Skipped Payment
Statement of Adjustments
Terms and Conditions
Total Debt Service Ratio (TDS)
Utilities
Variable Mortgage Rate
Weekly Mortgage Payment
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