mortgage

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the mortgage section

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.

Mortgage Life Insurance

A form of reducing term insurance recommended for all mortgagors. If you die, have a terminal illness, or suffer an accident, the insurance can pay the balance owing on the mortgage. The intent is to protect survivors from the loss of their homes.

Mortgage Loan

A mortgage is both a loan used to purchase or refinance a home and a security for the repayment of the loan.

Mortgage Payment

The regular instalments made towards paying back the principal and paying interest on a mortgage.

Mortgage Quote

The process of identifying the rate and terms at which a borrower will be able to source a mortgage loan.

New Home Buyer

An individual purchasing their first home, likely with the support of a mortgage.

No Cash Out Refinance

A refinance transaction which is not intended to put cash in the hand of the borrower. Instead, the new balance is caculated to cover the balance due on the current loan and any costs associated with obtaining the new mortgage. Often referred to as a "rate and term refinance."

Nominal Interest Rate

Interest rate stated on the face on a loan document. However, if the loan amount is discounted or sold at premium, the effective rate of interest will either be higher or lower.

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