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the mortgage section

Right of First Refusal

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.

Second Mortgage

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

Secured Loan

A loan that is backed by collateral.

Real Estate Agent

A person licensed to negotiate and transact the sale of real estate.

Open Mortgage

A mortgage which can be prepaid at any time, without penalty.

Payment Frequency

The choice of making regular mortgage payments every week, every other week, twice a month or monthly.


This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early discharge penalties.

Prepayment Charge

A fee charged by the lender when the borrower prepays all or part of a closed mortgage more quickly than is set out in the mortgage agreement.

Prepayment Option

The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.


An interview with a client (usually) prior to the writing of an offer to purchase real estate in order to determine the applicants qualifications for mortgage purposes.

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