The maturity date is when your mortgage term ends. This is when you either renew your mortgage for a new term, if your lender agrees, or pay it off completely.
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A mortgage is a loan secured by a lien registered on title to your home or other real estate. You repay the loan according to specific terms that include interest rate, payment amount and timeline. These details are set out in the mortgage document. If you can't repay the loan, your lender has the right to take possession of your property and sell it to collect any money you owe them.
See commercial mortgage, construction mortgage, conventional mortgage, convertible mortgage, high-ratio mortgage, open mortgage, recourse mortgage, reverse mortgage, title, variable-rate mortgage.
See amortization period.
With mortgage assumption, you take over, or assume, the seller's mortgage on the purchased property. You accept full responsibility to pay the mortgage according to the existing mortgage terms. You need the lender's approval before you can assume the seller's mortgage.
As the buyer, mortgage assumption may be a good option for you if market interest rates are higher than the interest rate in the seller's mortgage on the closing date.
Mortgage assumption may be a good option for the seller if they're selling their home before the mortgage maturity date and not getting a mortgage on a new property. Mortgage assumption helps the seller avoid prepayment charges.
A mortgage broker works on your behalf and searches for the best mortgage deal among various lenders. When you accept a mortgage, the broker completes the application and applies for the loan on your behalf.
Mortgage critical illness insurance
Mortgage critical illness insurance is optional creditor’s group insurance that can reduce or pay off your mortgage — up to a maximum benefit amount — if you’re diagnosed with cancer, acute heart attack or stroke.
Learn about Critical Illness Insurance for CIBC Mortgages.
Mortgage default insurance
Mortgage default insurance protects lenders when borrowers can't repay their mortgage. You need this insurance if you have a high-ratio mortgage.
See Canada Mortgage and Housing Corporation (CMHC), high-ratio mortgage.
Mortgage disability insurance
Mortgage disability insurance is optional creditor’s group insurance that can pay up to a maximum benefit amount toward your mortgage if you can no longer work due to a disability.
See creditor insurance.
Learn about Disability Insurance for CIBC Mortgages and Disability Insurance Plus for CIBC Mortgages.
When you pay off your mortgage in full, your lender issues a mortgage discharge document that's registered on title to your property. It certifies the property is completely free from that mortgage debt.
Mortgage life insurance
Mortgage life insurance is optional creditor’s group insurance that can reduce or pay off your mortgage — up to a maximum benefit amount — in the event of your death.
See creditor insurance.
Learn about Life Insurance for CIBC Mortgages.
Mortgage payment (also called regular payment amount)
Mortgage payments are the regular payments you make to repay your loan. Payments can be monthly, semi-monthly, biweekly or weekly. They include principal and interest.
Find out what your mortgage payments will be with our mortgage payment calculator.
With mortgage pre-approval, you're asked questions that closely match those of a full mortgage application. The lender does a credit check. The lender pre-approves you for a maximum amount and gives you a mortgage pre-approval certificate, which is subject to several conditions. This lets you know how much money your lender may lend you, but it doesn't guarantee final approval.
See credit report, pre-approved mortgage certificate.
Mortgage pre-qualification is a quick assessment process. The lender assesses your financial information, including debt, income and assets. You get an estimate on the mortgage amount you may be approved for. If you're pre-qualified, your lender has only done a basic review of your finances. You must still provide documents and more financial details before getting pre-approved for a mortgage.
See mortgage pre-approval, pre-approved mortgage certificate.
Mortgage principal is the amount of money you borrow from a lender. If a mortgage is for $250,000, then the mortgage principal is $250,000. You pay the principal, with interest, back to the lender over time through mortgage payments.
You get a written record of your mortgage status, often on an annual basis, from your lender. The statement includes how much you paid in principal and interest to date, plus the remaining principal on the mortgage.
A mortgagee is the lender.
A mortgagor is the borrower.
Multiple Listing Service (MLS)
Multiple Listing Service (MLS) is a database of real estate listings where realtors advertise and search for properties for sale on behalf of clients.