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. …
High Ratio Mortgage
A mortgage loan that exceeds the normal limit of 75% LTV (loan to value) of a conventional mortgage. Typically made possible by a mortgage insurance plan, e.g. CMHC or GE Capital. …
Inter Alia Mortgage
An Inter Alia Mortgage is a type of mortgage loan that covers multiple properties or parcels of land under a single mortgage document. This mortgage arrangement allows borrowers to use the combined …