Glossary
Mortgage Terms Glossary
- 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
- Borrower / Mortgagor
- Bridge Financing
- Carrying Costs (or Monthly Carrying Costs)
- Cash Back Mortgage
- Closed Mortgage
- Closing Costs
- Closing Date
- Collateral
- Collateral Mortgage
- Conventional Mortgage
- Convertible Mortgage
- Credit Score
- Debt Service Ratios
- Default
- Deposit
- Down Payment
- Early Mortgage Renewal
- Equity
- First Mortgage
- First-Time Home Buyers’ Tax Credit (HBTC)
- Fixed Mortgage Rate
- Gross Debt Service Ratio (GDS)
- Gross Income
- GST/HST (on a New Home Purchase)
- Guarantor
- High-Ratio Mortgage
- Home Buyers’ Plan (HBP)
- Home Equity
- Home Equity Line of Credit (HELOC)
- Home Inspection
- Interest
- Interest Adjustment Date
- Interest-Only Mortgage
- Land Transfer Tax
- Land Transfer Tax Rebate
- Lender / Provider / Mortgagee
- Lien
- Loan-to-Value Ratio (LTV)
- Lump-Sum Payment
- Market Value (or Assessed Value)
- Maturity Date
- Maximum Affordability
- Monetary Policy Report
- 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
- Refinance
- Renewal
- Reverse Mortgage
- Second Mortgage
- Self-Employed Mortgage
- Skipped Payment
- Statement of Adjustments
- Term
- Terms and Conditions
- Total Debt Service Ratio (TDS)
- Utilities
- Variable Mortgage Rate
- Vendor Take Back (VTB) Mortgage
- Weekly Mortgage Payment
