Mortgage Protection Plan
A creditor insurance plan that is underwritten by Manulife. It offers life and disability insurance to the borrowers on a residential mortgage.
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NHA Insured Mortgage
A mortgage that is insured by CMHC against borrower default under the National Housing Act.
Read moreNon-Owner Occupied Property
A property where the owner does not occupy any of the dwelling units in the property.
Read moreOpen Mortgage
A mortgage that can be prepaid in part or in full at any time, without notice or prepayment charge. It can be converted to a […]
Read moreOwner Occupied Property
A property where the owner occupies one of the dwelling units in the property.
Read morePortable Mortgage
This is a feature of residential mortgages that allows customers to transfer the interest rate, loan balance and remaining term of an existing mortgage to […]
Read morePrepayment Charges
An interest charge applied when prepaying all or part of the mortgage balance before maturity on a closed term, or when prepayment options have been […]
Read morePrepayment Options
A clause in a mortgage agreement which outlines the conditions governing prepayment of principal.
Read morePrincipal and Interest (P&I)
Refers to the components of a mortgage payment. Principal is the money used to pay down the balance of the loan. Interest is the charge […]
Read moreProperty Value
The lesser of the purchase price or the appraised value of a property.
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