To pay in full and discharge a mortgage with the proceeds of a new mortgage. …
Strata Fee
A strata fee, also known as a condominium fee or homeowners association (HOA) fee, is a monthly payment made by owners of condominiums, townhouses, or other properties within a strata-titled …
Tax Hold Back
When your property taxes are included with your mortgage payments, your lender will withhold funds from your disbursement to cover interim or final taxes payable to the municipality. The amount …
Total Debt Service Ratio (TDS)
Percentage of gross annual income of a borrower required to maintain annual payments of mortgage, property taxes, hydro and other debts such as loans, credit card payments, child support and leases. …
Building Codes
Provincial or locally adopted regulations that control the design, construction, repair, quality of building materials, use, and occupancy of any structure under its jurisdiction. …
Closed Mortgage
The restriction or denial of repayment rights until the end of the mortgage term. …