Mortgage Glossary

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** NEW AND UNDER DEVELOPMENT **

A
ACCELERATED MORTGAGE PAYMENTS
ACCEPTED OFFER
ADDITIONAL PAYMENTS
AGREEMENT OF PURCHASE AND SALE
AMORTIZATION & TERM
AMORTIZATION (SHORTENING IT)
APPLICATION INFORMATION
APPLYING FOR A MORTGAGE
APPRAISAL
ARM - ADJUSTABLE RATE MORTGAGE
ARM'S-LENGTH SALE
ASSESSED VALUE
ASSETS
ASSIGNMENT OF INTEREST
ASSUMABLE MORTGAGE
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B
BALANCE
BANKRUPTCY
BANKRUPTCY & RRSPs
B.C. - PROPERTY TRANSFER TAX
BI-WEEKLY PAYMENT - accelerated
BI-WEEKLY PAYMENT - not-accelerated
BLENDED RATE MORTGAGE
BONUS INCOME
BRIDGE FINANCING
BUILDING INSPECTION
BUILDING PERMIT
BUYING A PROPERTY

C
CANADA MORTGAGE AND HOUSING
CANADIAN HOME INCOME PLAN
CAPPED RATE MORTGAGE
CASH BACK MORTGAGE
CASUAL EMPLOYMENT
CERTIFICATE OF INDEFEASIBLE TITLE
CHIP - CANADIAN HOME INCOME PLAN
CHATTELS
CLEAR TITLE
CLOSED MORTGAGES
CLOSING COSTS
CLOSING DATE
CMHC
CMHC PENALTIES
COLLATERAL
COLLATERAL MORTGAGE
COMMERCIAL MORTGAGES
COMMISSION INCOME
COMMITMENT LETTER
COMMON AREAS
COMPLETION DATE
COMPOUNDING SEMI-ANNUAL
CONTRACT OF PURCHASE AND SALE
CONTRACT EMPLOYMENT VERIFICATION
CONVENTIONAL MORTGAGE
CONVERTIBLE MORTGAGE
CONVEYANCE
CO-SIGNOR
COSTS ON CLOSING
COUNTER OFFER
CREDIT BUREAU
CREDIT LINE
CREDIT RATING

D
DEED OF CONVEYANCE
DEFAULT
DEPOSIT
DISABLED PERSONS - RRSP WITHDRAWAL'S
DISCHARGE OF MORTGAGE
DOUBLE-UP PAYMENTS
DOWNPAYMENT

E
EARLY RENEWAL
EASEMENT
EMPLOYMENT LETTER
EMPLOYMENT VERIFICATION
ENCROACHMENT
ENCUMBRANCE
EQUITY
EXPROPRIATION

F
FAIR MARKET VALUE
FIVE PERCENT DOWNPAYMENT PROGRAM
FIXED RATE MORTGAGE
FOR SALE BY OWNER
FORECLOSURE
FREEHOLD TITLE

G
GDS - GROSS DEBT SERVICE
GE CAPITAL
GIFT LETTER
GROSS INCOME
GST - (GOODS & SERVICE TAX)
GUARANTOR

H
HIDDEN COSTS
HIGH-RATIO MORTGAGE
HOLDBACK
HOME BUYERS' PLAN - RRSP
HOME INSPECTOR
HOUSE INSURANCE
HOUSING COSTS
HOW MUCH DO YOU QUALIFY FOR?

I
ICI - INDUSTRIAL, COMMERCIAL & INVESTMENT
ILLEGAL SUITES
INCREASE PAYMENTS
INSURANCE
INSURANCE BROKER
INTER ALIA MORTGAGES
INTEREST
INTEREST ADJUSTMENT AMOUNT
INTEREST ADJUSTMENT DATE
INTEREST ONLY MORTGAGE
INTEREST RATE
INTEREST RATE DIFFERENTIAL
INTEREST RATE GUARANTEE
INTERIM FINANCING
INVESTMENT MORTGAGES

J
JOINT TENANCY

K

L
LAND PURCHASE
LAND TRANSFER TAX
LAWYER
LEASE TO PURCHASE
LEASEHOLD TITLE
LEGAL DESCRIPTION
LEGAL FEES
LEGAL SUITES
LENDER
LENDING INSTITUTION
LENDING VALUE
LIABILITIES
LIEN
LIFE INSURANCE
LOAN TO VALUE
LOANS OFFICER
LOSS OF INTEREST
LOT PURCHASE
LUMP SUM PAYMENTS

M
MARKET VALUE
MATURITY DATE
MINIMUM DOWNPAYMENT
MONTHLY MORTGAGE PAYMENT
MORTGAGE
MORTGAGE APPLICATION
MORTGAGE APPROVAL
MORTGAGE BENEFITS
MORTGAGE BROKER
MORTGAGE BROKER FEES
MORTGAGE CONTRACT
MORTGAGE DOCUMENT
MORTGAGE INSURANCE
MORTGAGE RATE BUYDOWN
MORTGAGEE
MORTGAGOR
MOVING EXPENSES

N
NET INCOME
NET WORTH
NEW IMMIGRANTS TO CANADA
NHA - NATIONAL HOUSING ACT
NON-BC RESIDENT WITH CITIZENSHIP
NON-BC RESIDENT WITHOUT CANADIAN CITIZENSHIP
'NOT IN ADVANCE'

O
OFFER TO PURCHASE
OFFSHORE BORROWERS
OHOSP - ONTARIO HOME OWNERSHIP SAVINGS PLAN
ONTARIO - LAND TRANSFER TAX
OPEN MORTGAGE
OPTION AGREEMENT
OPTION TO PURCHASE
OVERTIME INCOME

P
P & I / PIT / PITH
PART-TIME EMPLOYMENT
PAYING ADDITIONAL AMOUNTS
PAYMENT FREQUENCIES
PAYMENT INCREASE
PAYMENT - INTEREST ONLY
PAYMENT - PRINCIPAL & INTEREST
PAYMENT IN FULL
PENALTY CHARGES
PERSONAL COVENANT
PIT - PROPERTY TAXES
PORTABILITY
POSSESSION DATE
POSTED RATES
POTABILITY (WATER)
PRE-APPROVED MORTGAGE
PRE-ARRANGED MORTGAGE
PREPAYMENT CLAUSE
PRE-PAYMENT OPTIONS
PRE-QUALIFIED MORTGAGE
PRESENT VALUATION OF PENALTIES
PRIME RATE
PRINCIPAL
PRIVATE MORTGAGE
PRIVATE SALE
PROPERTY TAX ADJUSTMENTS
PROPERTY TAXES (PIT)
PROPERTY TRANSFER TAX
PROPERTY VALUE
PURCHASE AGREEMENT

Q
QUALIFYING FOR MORTGAGE MONEY

R
RATES - TODAYS
REALTOR
REALTOR FEES
REFINANCE
REMOVING SUBJECTS
RENEWAL
RENEWAL DATE
RENEWAL FEES
RENOVATIONS
RENT TO OWN
RENTAL PROPERTIES
REVERSE MORTGAGE
RIGHT OF WAY
RISK
ROLL OVER MORTGAGE
RRSP HOME BUYERS' PLAN

S
SECOND MORTGAGE
SELF EMPLOYED INCOME
SEMI-MONTHLY PAYMENTS
SHORTEN YOUR AMORTIZATION
SKIP A PAYMENT
STATEMENT OF ADJUSTMENTS
STRATA
STRATA FEES
SUBJECT TO...
SURVEY
SWITCHING YOUR MORTGAGE

T
TDS - TOTAL DEBT SERVICE
10/10 15/15 20/20
TENANTS IN COMMON
TERM
THREE MONTH PENALTY
TITLE
TITLE INSURANCE
TODAYS INTEREST RATES
TORRENS SYSTEM
TOTAL MONTHLY PAYMENTS
TRANSFERRING YOUR MORTGAGE
TYPES OF MORTGAGES AVAILABLE

U
UNDERWRITING A MORTGAGE
UTILITY CONNECTIONS

V
VARIABLE RATE MORTGAGE
VENDOR
VENDOR TAKE BACK MORTGAGE

W
WATER POTABILITY
WEEKLY PAYMENT - accelerated
WEEKLY PAYMENT - not-accelerated

X
Y
Z
ZONING BYLAW

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