mortgage

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the mortgage section

Mortgage Bond

A bond issued by corporations and secured by a mortgage on their property.

Mortgage Broker

A mortgage company that originates loans, then places those loans with a variety of other lending institutions with whom they usually have pre-established relationships.

Mortgage Calculator

generate an amortization schedule for your current mortgage. Quickly see how much interest you will pay, and your principal balances.

Mortgage Critical Illness Insurance

Mortgage Critical Illness Insurance is available as an enhancement to Mortgage Life Insurance.1 Mortgage Critical Illness Insurance is underwritten by the Canada Life Assurance Company. Complete details of benefits, exclusions and limitations are contained in the Certificate of Insurance. It is recommended for all mortgagors. It can pay off your TD Canada Trust mortgage -- up to $300,000 -- if you are diagnosed with life-threatening cancer, heart attack or stroke.

Mortgage Insurance

Insurance that covers the lender against some of the losses incurred as a result of a default on a home loan. Often mistakenly referred to as PMI, which is actually the name of one of the larger mortgage insurers. Mortgage insurance is usually required in one form or another on all loans that have a loan-to-value higher than eighty percent. Mortgages above 80% LTV that call themselves "No MI" are usually a made at a higher interest rate.

Maturity Date

Last day of the term of the mortgage agreement.

Mortgage

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

Mortgage Banker

More prominent in the USA as principals of mortgage funds.

Interest Escalation

Rate of interest on a loan is raised periodically during the term of the loan so as to encourage early repayment.

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