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Glossary of Terms
  • High Ratio / Insured Mortgages
    If you have 0 to 19% downpayment or equity with regard to the value of your home and mortgage owed against - by law the mortgage has to be insured

  • Conventional Mortgages
    When there is a no risk insurance required. Usually more than 20% equity
    (i.e. value of property $100,000, mortgage is $80,000; therefore 20% equity)

  • Equity
    Difference between the value of the property and the mortgage owed against the property

  • Variable Rate
    Interest rate fluctuates higher or lower as prime interest changes

  • Fixed Rate
    Constant interest rate charged for a set period of time

  • Prime Interest Rate
    A floating interest rate charged by lender to clients

  • Penalty
    When a mortgage is paid off in full prior to the end of the contracted term. A penalty is charged by the lender/bank.

  • Term
    The interest rate is set for a term (i.e. 3 yr, 5 yr.) at which time the mortgage is either renewed for an addition term or paid off in full

  • Refinance
    Alterations are made to your mortgage to re-negotiate your mortgage without selling your home

  • Cashback Mortgage
    A percentage of the mortgage is determined and paid at closing to homeowner. You pay a higher rate or interest to obtain this type of morgage

  • Closed Mortgage
    A penalty will be levied if the mortgage is paid out before the original term is due

  • Open Mortgage
    Mortgage may be paid in full at any time without penalty

  • Pre-Approval
    Personal and financial information gathered, a credit check completed and a commitment issued by lender

  • Pre-Qualify
    Personal and financial information gathered, NO CREDIT CHECK, NO COMMITMENT issued from lender

  • Amortization
    The length of time to pay off the mortgage in full

  • Insurers
    There currently (2008) are three mortgage insurers in Canada:
    CMHC, Genworth and AIG.

  • Home Equity Line of Credit (HELOC)
    A limit of credit is established by the equity in your property. This works like an overdraft on your account, you withdraw and deposit $ to the account. Security is the property