Glossary

We've put together of list of common mortgage and home-buying terms to help you better understand the process of buying a home.

Mortgage Types Closed mortgage Convertible mortgage High-ratio mortgage Open mortgage Rates Types Fixed rate mortgage Mortgage rate Variable rate mortgage Closing costs Appraisal Interest adjustment Land transfer tax Legal fees and disbursements Prepaid property tax and utility adjustments Property survey Sales taxes General Mortgage Terms Amortization Assuming a mortgage Buy down rate Canada Mortgage and Housing Corporation (CMHC) Closing costs Closing date Downpayment Genworth Financial Canada Home insurance Inspection Lump sum payment Mortgage Mortgage life insurance Multiple Listing Service (MLS) Pre-approved mortgage certificate Offer to Purchase Porting Posted rate Pre-payment Refinancing Renewal/renewing Term

The information in this article is general only; it is not intended as specific investment, financial, accounting, legal or tax advice for any individual.