A legally binding agreement between the seller and the buyer of a home. It contains the price, the closing date and other information.

The period of time it will take to fully pay off the principal amount of a mortgage. This should not be confused with the term of the mortgage, which is usually shorter.

An appraisal is a determination of the value of a property for lending purposes. A lender usually requires an appraisal and is charged a fee by the appraiser, which the lender may require the borrower [..]

A mortgage assumption may occur when a purchaser buys property that has a mortgage on it, and by doing so accepts responsibility for the mortgage. In some cases the person who originally signed the mo [..]

A Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for all Canadians.

A closed mortgage is one that cannot be prepaid, renegotiated or refinanced before the end of the term without paying a prepayment charge.

Closing costs are transaction costs that are payable by the home buyer or seller in order to close the transaction. For example, a home buyer's closing costs usually include land transfer taxes, [..]

The closing date is when a property sale, purchase or mortgage becomes final. For a purchase and sale, typically this is when the buyer pays the balance of the purchase price, takes possession of the [..]

A collateral mortgage is a mortgage that is registered on a property to secure one or more loans or lines of credit. Often a collateral mortgage can secure not only loans or lines of credit given by t [..]

A convertible mortgage is a short-term mortgage (usually with a fixed interest rate) that allows you to change to a longer term without paying a prepayment charge.