Amortization
The number of years you take to fully pay off your mortgage (not the same as your mortgage term). Amortization periods are often 15, 20, […]
Read moreFAQ Category: Terms
Assuming a Mortgage
Taking over the obligations of the previous owner’s mortgage when you buy a property. You are still required to qualify for the mortgage.
Read moreCanada Mortgage and Housing Corporation (CMHC)
A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians. […]
Read moreClosing Costs
Costs that are in addition to a property’s purchase price and payable on the closing date. Examples include legal fees, land transfer taxes, and disbursements.
Read moreClosing Date
The date on which the sale of a property becomes final and the buyer takes possession of the property.
Read moreDown Payment
The money that you pay upfront for a house. Down payments typically range from 5%-20% of the total value of the home.
Read moreGenworth Financial Canada
A private mortgage insurance company. One potential source of mortgage insurance for high-ratio mortgages.
Read moreHome Insurance
Insurance to cover your home and its contents (also called property insurance). This is different from mortgage life insurance, which pays the outstanding balance of […]
Read moreInspection
The process of having a qualified home inspector identify potential repairs to the property you are interested in and their estimated cost.
Read moreLump Sum Payment
An extra payment that you make to reduce the amount of your mortgage principal.
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