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Canadian Mortgage Reference

Mortgage Glossary

39 essential Canadian mortgage terms — from CMHC to IRD to stress test — explained in plain language.

39 terms

A

Amortization

Rates & Terms

Appraisal Fee

Fees & Costs
B

Beacon Score

Qualification

Bridge Financing

Fees & Costs
C

Closed Mortgage

Rates & Terms

CMHC

Canada Mortgage & Housing Corporation
Government Programs

CMHC Premium

Fees & Costs

Collateral Charge

Mortgage Types

Conventional Mortgage

Mortgage Types
D

Discharge Fee

Fees & Costs
F

FHSA

First Home Savings Account
Government Programs

Fixed Rate Mortgage

Rates & Terms

FTHB Tax Credit

First-Time Home Buyers' Tax Credit
Government Programs
G

GDS Ratio

Gross Debt Service Ratio
Qualification
H

HBP

Home Buyers' Plan
Government Programs

HELOC

Home Equity Line of Credit
Mortgage Types
I

Insured vs Conventional

Qualification

IRD

Interest Rate Differential
Fees & Costs
L

Land Transfer Tax

Government Programs

LTV

Loan-to-Value Ratio
Qualification
M

Maturity Date

Rates & Terms

MIC

Mortgage Investment Corporation
Mortgage Types

Monoline Lender

Mortgage Types

Mortgage Term

Rates & Terms
N

NOA

Notice of Assessment
Qualification
O

Open Mortgage

Rates & Terms
P

Portability

Rates & Terms

Prepayment Penalty

Fees & Costs

Prepayment Privilege

Rates & Terms

Prime Rate

Rates & Terms

Private Mortgage

Mortgage Types
R

Rate Hold

Rates & Terms

Readvanceable Mortgage

Mortgage Types

Renewal

Rates & Terms
S

Standard Charge

Mortgage Types

Stress Test

Qualification
T

TDS Ratio

Total Debt Service Ratio
Qualification

Title Insurance

Fees & Costs
V

Variable Rate Mortgage

Rates & Terms

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