Mortgage 1-4

Lending to Borrower who have impaired credit or some other impairment that prevents them from qualifying for traditional lending products.

a mortgage that is registered on title first in regards to timing with no impact in regards to size etc.

A payment larger than required to reitre the mortgage over the contracted amortization, having the effect of repaying the mortgage sooner and saving interest.

total amount of time contracted to repay a mortgage

Accredited Mortgage Professional designation awared by CAAMP

Transferring mortgage from one lender to another.

Allows a purchaser to take over the current homeowner's mortgage.

amount repayable at the end of the term

1/100th of one percent

Payment that includes a combination of principal and interest

combines a mortgage and a line of credit

Percentage of the mortgage loan is paid to the borrower by the lender

legal document outlining the terms of the mortgage, Charge/Mortgage is the document indicating debt registered against the title

No option to repay the outstanding principal blance unless the property is sold to an arm's length purchaser

Not exceeding 80% loan to value

Document indicating debt has been removed from a title of a property

Removal of equity by refinancing of the property

Terms and conditions of the mortgage contract including remedies available to the lender upon default by the borrower.

process where an appraiser will use a commercial property's income to determine its value.

I - Canadian Owned. II - subsidiaries of foreign owned banks. III - foreign owned banks

Act of public authority taking property without consent of an owner through a statutory/common law process.

Remedy for Lender to obtain title to defaulted Borrower's property and dispose of it. Any profit/loss belongs to Lender while borrower is debt free.

Bank, loan/trust company, credit union or caisses populaires

individual employed by institutional Lender to provide suitable borrower to that institution for mortgage financing

inter that provides policy to lender to compensate for losses occured in mortgage transaction. CMHC, Genworth Financial and AIG.

Selling of a pool of mortgages to a third party

A partially open mortgage

STEP Mortgage, standard mortgage along with type of debt such as a line of credit. Every paymen on the mortgage would increas the amount availabe on the line of credit.

Take mortgage with you to a new home. If default insured and moved within 2 years then you do not have to pay premium for second time for either full amount or top-up portion of mortgage. (Rate protection, limited application)

• Partially amortized - indicated that there is a term involved, if no term it would be fully amortized (which is uncommon)
• Blended Payment - combination of principal and interest
• Constant - payment does not change throughout term

• Partially amortized - term involved
• blended - combination of principal and interest
• variable payment - payment fluctuates

Interest accuring mortgage typically for seniors. Receive up to 40% of the property value in a lump sum of cash.

pay off a set amount of principal each payment along with accrued interest. (Not common in Canada). High initial payment size.

Decreases with the balance of the mortgage.

Process the lender uses against borrower without using the courts to sell the property.

An interest in property that has the effect of limiting the rights of fee simple ownership of real property. Examples: mortgages, easements, and restrive covenants

Rights acquired for the benefit of real property, granting rights to use another property. Land giving the right is called the servient, receiving the right is the dominant tenement.

Restriction of use placed on title of the servient tenement for the benefit of the dominant tenement. Example restriction on building height.

Group of restrictive covenants registered against several properties in a development plan. IE. Sub-division rules.

A type of co-ownership of real property used by parties who wish to own individual shares in a property.

Fee being that the estate may be inherited, simple being that there are no prohibitions against who may inherit it. With no heirs the interest is terminated and the property is returned to the crown.

Type of co-ownership of real property where all owners own an undivided interest in the property. Ie. spouses.

Security against a property, either real or personal, for a debt.