Mortgage documents may contain an acceleration clause to protect the lender in the event of a default. The clause enables the lender to make the entire principal amount of a mortgage due in the event of a default by speeding up the payment date.
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Terms starting with: Mortgage
Accredited Mortgage Professional
The Accredited Mortgage Professional (AMP) is Canada’s national designation for mortgage professionals.
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Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) refers to the type of mortgage loan where the interest rate and monthly payments can be adjusted to rise and fall with market conditions.
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Adjustment Period
The Adjustment Period is the period of time between interest rate changes in an adjustable-rate mortgage.
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Alternative Mortgage
An Alternative Mortgage is when a home loan is not a standard fixed-rate mortgage, it is considered an alternative mortgage.
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Amortization Period
The Amortization Period is the amount of time it will take to pay off a mortgage by making routine payments.
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Amortization Schedule
An amortization schedule or table for mortgages describes that details the life of the loan or the amortization.
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Amortization Term
The period of time that is required and agreed upon to repay (amortize) an entire mortgage loan.
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Amortized Loan
An amortized loan is a loan where the interest and principal are both paid off in their entirety through a series of scheduled payments over a specified amount of time.
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Anniversary Period
The Anniversary Period is the agreed 12 month period that starts annually on your interest adjustment date or, if you’ve just renewed your mortgage, the date of the renewal.
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