A loan that you take out to buy property. The collateral is the property itself.

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This form of insurance pays the outstanding balance of your mortgage in full if you die. This differs from home or property insurance, which insures […]

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A computerized listing of the properties available in your area, including information and sometimes pictures of each property. Multiple Listing Service (MLS)

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A legally binding agreement between you and the person who owns the house you want to buy. It includes the price you are offering, what […]

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A fee or charge imposed by a lender if a borrower breaks the terms of their mortgage agreement. This penalty is typically levied when a […]

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Transferring an existing mortgage from one home to a new home when you move. This is known as a “portable” mortgage.

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A written agreement that you will get a mortgage for a set amount of money at a set interest rate. Getting a pre-approved mortgage allows […]

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Repaying part of your mortgage ahead of schedule. Depending on your mortgage agreement, there may be a prepayment cost for pre-paying.

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The process of paying out the existing mortgage and increasing the mortgage amount on the same property under new terms and conditions. This is usually […]

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Once the original term of your mortgage expires, you have the option of renewing it with the original lender, switching it to a new lender […]

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