The length of the current mortgage agreement. A mortgage may be amortized over a long period (such as 40 years) with a shorter term (six months to five years or more). After the term expires, the balance of the principal then owing on the mortgage can be repaid or a new mortgage agreement can be entered into at the then current interest rates.

A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage.

A mortgage which a vendor of real property takes from the purchaser usually as part payment of the purchase price for that property.

(Sometimes erroneously called a blanket mortgage)-a new mortgage, which is registered on title, which includes a prior existing mortgage ad the new mortgagee undertakes the responsibility as mortgagor under the original mortgage.

At the end of a mortgage term, the mortgage may "roll over" on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.

A mortgage in which a homeowner, usually an elderly or retired person, borrows money in the form of annual payments which are charged against the equity of the home.

A credit arrangement, such as a credit card, that allows a customer to borrow against a preapproved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

A mortgage loan granted, (and registered) when there is already a first mortgage registered against the property.

A loan that is backed by collateral.