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. …
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. …