Canada Guaranty
A private residential mortgage insurer that helps Canadians access a variety of affordable housing options by insuring mortgages against default for lenders. Like CMHC, Canada […]
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Canada Mortgage & Housing Corporation (CMHC)
A division of the Government of Canada that acts as Canada’s national housing agency. CMHC’s mandate is to help Canadians access a variety of affordable […]
Read moreClosed Mortgage
A mortgage where prepayments may be restricted. Prepayments maybe subject to a prepayment charge if outside of the mortgage prepayment rules.
Read moreCollateral
The security for the loan, the property being mortgaged.
Read moreConventional Mortgage
A mortgage that covers up to 80% of the property value and where the bank is not insured against borrower default.
Read moreDebt Service Ratios
The ratios used to measure an applicant’s capacity to meet the mortgage requirements.
Read moreDown Payment
The cash contribution that must be made by a borrower towards the purchase of a property to qualify for a mortgage.
Read moreEarly Renewal
Renegotiation of the existing mortgage term prior to the maturity date.
Read moreFirst Mortgage
A mortgage which represents the first charge against the property.
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