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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Additional Property


Synonyms:collateral, real estate
Filed Under: mortgages, real-estate
Tags: mortgage, realty
 

Definition of additional property

additional property
1. Address of real estate that a person owns that is not being financed.

Related Terms and Acronyms:

  • junior mortgage   A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.
  • loan application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • second home   An additionally purchased property, often a vacation or a rental property.
  • second mortgage   A mortgage which ranks after a first mortgage in priority on a registered land title.
  • subordinate loan   A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
  • tandem loan   When one asset, usually a house, has two loans taken out on it.

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