Closed Mortgage
This type of mortgage remains unchanged during the term you agree to. Prepayment costs will apply if you payout, renegotiate, or refinance before the end […]
Read moreFAQ Category: Glossary
Convertible Mortgage
This is a mortgage that offers the same security as a closed mortgage but can be converted to a longer, closed mortgage at any time […]
Read moreHigh-Ratio Mortgage
This is what the mortgage is called when you have less than a 20% down payment. This type of mortgage must be insured (through a […]
Read moreOpen Mortgage
This type of mortgage may be repaid, in part or in full, at any time during the term without any prepayment costs. Rates are typically […]
Read moreFixed Rate Mortgage
An interest rate that does not change during the entire mortgage term.
Read moreVariable Rate Mortgage
An interest rate that will fluctuate with a lender’s prime rate during the mortgage term
Read moreMortgage Rate
The interest you pay on top of the loan principal that is expressed as a percentage. For example, you have a mortgage of $100,000 at […]
Read moreInterest Adjustment
The amount of interest due between the date your mortgage starts and the date the first mortgage payment is calculated. Sometimes, there is a gap […]
Read moreLand Transfer Tax
A tax that is levied (in some provinces) on any property that changes hands. Not applicable in Alberta.
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