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. …
Rate Commitment
A lenders commitment to offer to hold a specific rate for a certain length of time. Rate commitments can vary from 30 to 180 days. …
Refinance
To pay in full and discharge a mortgage with the proceeds of a new mortgage. …