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Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
62% - Often
62% - Often
|Synonyms:||amortized bank loan, bond, borrow, financing, funding, home loan, hypothec, hypothèque, mortgage loan, prêt, secured funds|
|Filed Under:||abbreviation, mortgages|
|Tags:||classifieds, mortgage, property listing, realty|
Definition of mortgage (mtg)
- mortgage (mtg)
- 1. A temporary and conditional agreement that stipulates the use of real property as collateral to a creditor for the guaranteed repayment of a loan. The mortgage incurs a rate of interest that varies according to term and other loan features.
Related Terms and Acronyms:
- commercial mortgage A mortgage for commercial property.
home equity loan (HEL)
A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
➥ Also known as an Equity Take Out (ETO).
- interest rate differential (IRD) The penalty one pays for breaking a mortgage.
The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
➥ A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
An individual or group who brokers deals between their clients and lenders.
➥ CanEquity is a mortgage brokerage.
Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
➥ CanEquity offers mortgage insurance.
mortgage lender (ML)
A lender that offers mortgages, often through a mortgage broker.
➥ Used internally by mortgage brokers and mortgage lenders.
- mortgage life insurance Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
The interest rate on a mortgage loan.
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
variable rate mortgage (VRM)
Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
➥ A type of mortgage loan offered by brokers and lenders.
More Related Terms and Acronyms
- Accredited Mortgage Professional (AMP) — Canada, Acronym
- asset-backed securities (ABS) — Acronym
- assumable mortgage — Definition
- Canada Mortgage and Housing Corporation (CMHC) — Company Est.1946, Canada-wide, Acronym
- fixed rate mortgage (FRM) — Acronym
- high-ratio mortgage — Definition
- Home Buyers' Plan (HBP) — Canada, Acronym
- interest rate (IR) — Acronym
- leasehold mortgage — Definition
- mortgage payment — Definition
- mortgage renewal — Definition
- mortgage-backed securities — Definition
- no money down mortgage — Definition
- real estate (RE) — Acronym
- reverse mortgage — Definition
- second home mortgage — Definition
- second mortgage — Definition
- step-rate mortgage — Definition
- sub-prime mortgage — Definition
- variable interest mortgage — Definition
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