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Current Mortgage RatesVariable closed: 2.85% 1 year closed: 3.14% 3 year closed: 3.39% 5 year closed: 3.49% 10 year closed: 4.04% Glossary
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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
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50% - Moderately
50% - Moderately
Repayment Plan
Synonyms: | debt repayment plan, loan repayment plan, repayment assistance plan |
Filed Under: | financial-banking, mortgages |
Tags: | banking, mortgage |
Definition of repayment plan
- repayment plan
- 1. Modifications made to the repayment terms of an existing loan after the borrower is delinquent. Often used when the borrower misses payments, but the lender does not foreclose.
Related Terms and Acronyms:
- bankruptcy (BK) A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
- debt consolidation The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
- default When a borrower fails to fulfill the obligations of a loan or lease.
- delinquent mortgage A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
- refinancing The act of paying off one mortgage with another mortgage to take advantage of lower interest rates. Refinancing is also used to transform equity into cash for vacations, home improvements, or for consolidating debt.
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