Canadian Mortgage Glossary

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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1st Mortgage

2nd Mortgage

3rd Mortgage

A

Accelerated Mortgage Payment

Alternative Mortgage Market

Amortization

AMP Designation

Appraisal

Appraiser

Assignment Of Mortgage

Assumability Options

B

B Lending

Balloon Payment

Bank

Bank Act

Basis Point

Beacon Score

Blended Payment

Borrower

Building Scheme

Bundled Option

C

CAAMP

Capitalization

Capped Variable Rate Mortgage

Cash Back Option

Certificate of Independent Legal Advice

Charge

Chattel

Chattel Loan

Claim

Closed Mortgage

CMHC

Co-Applicant

Collections

Commercial Mortgages

Commitment Conditions

Commitment Letter

Common Areas

Compounding Frequency

Condominium

Condominium Corporation

Condominium Status Certificate

Constant Payment

Consumer Proposal

Conventional Mortgage

Cost Approach

Credit Counselling

Crown

D

Default

Default Management

Demand Letter

Demographics

Depreciation

Direct Comparison Approach

Disbarment

Disbursements

Discharge of Mortgage

Dominant Tenement

Downpayment

E

Easement

Encroachments

Encumbrance

Equity Take Out

Errors and Omissions Insurance

Executions

Expropriation

Extended Amortization

F

Face Value of the Mortgage

Financial Statements

Fixed Rate

Foreclosure

FSCO

Fully Open Mortgage

G

Gift Letter

Gross Debt Service Ratio

Grossing up Taxable Income

Guarantor

H

High Ratio Mortgage

Home Equity Line of Credit

Home Inspection

Home Insurance

I

Income Approach

Institutional Lender

Interest Accruing Mortgage

Interest Only Mortgage

Interest Rate

Interest Rate Differential

J

Joint Tenancy

Judgment

L

Leasehold Estate

Legal Description

Lender

Letter of Employment

Lien

Line of Credit

Loan to Value

Lump Sum Payment

M

Market Value

Mortgage

Mortgage Backed Security

Mortgage Broker

Mortgage Creditor Insurer

Mortgage Default Insurance

Mortgage Default Insurer

Mortgage Investment Corporation

Mortgage Rank

Mortgage Repayment History

Mortgage Statement

Mortgagee

Mortgagor

N

Negative Amortization

Non Owner-Occupied Property

Non-Conforming Mortgage Market

O

Open Mortgage

Outstanding Balance

Owner Occupied Property

P

Payment

Paystub

Personal Property

Portability

Portability Option

Power of Sale

Prepayment Options

Prepayment Penalty

Principal

Private Lender

Property Assessment

Property Insurance

Property Tax Statement

Purchaser

Q

Quiet Possession

R

Rate Hold

Real Estate Agents

Real Estate Board

Real Estate Broker

Real Estate Brokerage

Real Estate Lawyer

Real Property

Refinance

Residential Mortgages

Restrictive Covenant

Reverse Mortgage

Runs with the land

S

Second Home

Securitization

Self Employed Borrower

Self Directed RRSP

Septic System

Servient Tenement

Solicitors Letter of Opinion

Standard Charge Terms

Straight Line Principal Reduction Mortgage

Survey

T

Tenancy in Common

Tenant

Term

Title

Title Defects

Title Insurance

Title Insurer

Total Debt Service Ratio

U

Underwriting

V

Variable Rate

Vendor

Vendor Take Back Mortgage