Amortization Period
The length of time it takes to pay off a mortgage. Typically with a new mortgage the amortization period is 25 years, but it can vary.
Closed Mortgage
With a closed mortgage, a holder would encounter penalties if they refinance or pay the mortgage off early.
Closing Costs
Expenses paid to close a property purchase or sale, such as land transfer tax, real estate commission and other legal fees.
Down Payment
The amount of money, including deposit, you can put towards the purchase of a home or property. Minimum down payments range from 5% to 20%.
FHSA
First Home Savings Account: A registered plan designed to help you save for your first home, tax-free.
Fixed-Rate Mortgage
A mortgage with a fixed interest rate that remains constant throughout the entire mortgage term.
HELOC
Home Equity Line of Credit: A secured form of credit where a lender uses your home as a guarantee that you'll pay back the money you borrow.
High Ratio Mortgage
A mortgage loan higher than 80% of the lending value of the property. This type of mortgage requires mortgage insurance and may incur other costs.
Maturity Date
The date when your mortgage term ends. This is when you either renew your mortgage for a new term or pay it off completely.
Mortgage
A type of loan used to purchase real estate in which the borrower agrees to pay the lender over time, with the property serving as collateral to secure the loan.
Mortgage Default Insurance
This insurance protects lenders when borrowers can't replay their mortgage. You need this insurance if you have a high-ratio mortgage.
Mortgage Term
A term is how long you commit to your mortgage rate, details and conditions with a lender. When a term ends, you pay off the mortgage or renew it for another term.
Open Mortgage
With an open mortgage, a holder can pay off the entire mortgage balance at any time without penalties.
Refinancing
A transaction that replaces an existing mortgage with a new one, on different mortgage terms. In some cases, prepayment charges apply.
Renewal
When a mortgage term ends, you may negotiate another term with your lender. If you don't renew, you must pay it off in full.
Variable Rate Mortgage
A mortgage with an interest rate that fluctuates with the prime rate, meaning your payments could go up or down if market conditions change.
Buying a Home
There's a lot to know when it comes to buying and owning a home. We’d like to be your partner each step of the way, from helping you understand your options, to mortgage pre-approval, to the final stages of closing your mortgage. Let's have a look at things step by step...
Refinancing
Looking to renew or refinance your mortgage? Find out how smooth the process can be. Let us help you review your options so you can make a move you’ll be proud of. We’ve got the keys to empowered home ownership decisions – check it out!
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Mortgage Calculator
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