Mortgage Amortization refers to the amount of time required to pay off a mortgage in full.
READ MORE
Annual Fee
Some credit cards charge an annual fee for the use of the card, which is added to your monthly bill.
READ MORE
Bank rate
The minimum rate charged by the Bank of Canada for one-day loans to chartered banks, trust and loan companies and other members of the Canadian Payments Association.
READ MORE
Conventional mortgage
For a mortgage to be considered conventional, more than 20 per cent of the home’s property value must be put toward the down payment.
READ MORE
Fixed Rate Mortgage
A fixed rate mortgage is “locked in” for a set amount of time, known as the mortgage term.
READ MORE
High-ratio mortgage
A mortgage is considered to be high ratio when the buyer puts less than 20 per cent of the property value towards the down payment.
READ MORE
Lender
A lender is a financial institution such as a bank, credit union or mortgage company that provides financing including loans and mortgages.
READ MORE
Mortgage broker
A mortgage broker is a professional who provides the client with access to the best mortgage rates offered on the market.
READ MORE
Pre-approval
A process used by mortgage lenders to determine the loan amount they would give to a potential buyer based on an extensive review of the buyer’s credit history.
READ MORE
Prime rate
The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
READ MORE
