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Archives: Glossary

Down Payment canada ontario

A down payment is the monies a home buyer puts towards purchasing a property. In many cases, the down payment is a minimum of 5% and can be greater. Often times, the home buyer will borrower the remainder of the purchase price as mortgage, which the lender will register the mortgage charge as security on …

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Conventional Mortgage canada ontario

A conventional mortgage is a term used when a buyers purchases a property with 20% down payment. A conventional mortgage is also referred to a mortgage where the borrower doesn’t pay mortgage default insurance. For self employed borrowers, to obtain a conventional, uninsured mortgage, traditionally they must put 35% as a down payment to get …

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Collateral Mortgage canada ontario

A collateral mortgage charge is a mortgage registered on the title of a property for more than the amount borrowed. A borrower may opt-in to take allow the lender or bank to register a collateral mortgage on their property. Often in private mortgage or second mortgage transactions, a borrower must allow the lender to register …

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Closing Date canada ontario

The closing date is the date mutually agreed between a home buyer and seller in a home purchase transaction. In a refinance mortgage transaction, the closing date is the date as set out by the mortgage lender or bank, for the transaction to be complete and funded. For all mortgages to successfully close on the …

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Closing Costs canada ontario

Closing costs are the costs payable by the home buyer or seller, required to pay in order to complete and close a mortgage transaction. In Ontario, when a home buyer is closing on a home purchase they should expect to pay the Ontario land transfer tax and Toronto land transfer tax (if applicable), legal fees …

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Closed Mortgage canada ontario

A closed mortgage is a mortgage term that is associated with a penalty. When a mortgage is a closed mortgage, the borrower(s) cannot break, prepay, or refinance without incurring a penalty. Some closed mortgages do allow for the borrower(s) to make a 10% to 20% prepayment toward the principal of their mortgage and also 10% …

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Borrower mortgage canada ontario

A borrower in a mortgage transaction is also known as the mortgagor. The person, people or entity receiving a loan from a lender or bank, also known as the mortgagee. As a mortgage borrower, there are responsibilities to comply with the terms and conditions of the mortgage commitment agreement before and during the term of …

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