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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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