The date on which the mortgage really begins, usually the first of the month. The interest owed for the number of days between the closing date and the last day of the month is paid on the closing …
Lease to Purchase Option
Buying a piece of property by renting for a specified period, usually one year, with the provision that you will purchase the property at the end of that period for a predetermined sale price. …
Loan to Value (LTV)
The ratio between the mortgage loan amount and the value of the property usually expressed as a percentage, i.e. 75% LTV. The value of the property for lending purposes is the purchase price or …
Open Mortgage
An open mortgage is a type of mortgage loan that allows borrowers the flexibility to repay the principal amount, in part or in full, at any time before the loan's maturity date without incurring …
Portability
The ability to transfer your mortgage including rate and terms, from your existing property to a new property. …
Prepayment Clause
A clause in a mortgage agreement that allows you to pay off all or a percentage of the mortgage before the maturity date. …