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We have renamed our brokerage. CanWise Financial is now Ratehub.ca mortgage brokerage. For more details, click here.

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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