The percentage of annual gross income of the mortgagor that is required to maintain annual mortgage payments, property taxes and hydro. …
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. …
Canada Mortgage and Housing Corporation (CMHC)
a Crown Corporation which administers the National Housing Act. …
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CMHC Insurance
If your down payment is less than 25% , you must have mortgage insurance. It insures the lender against the possibility of you defaulting on your mortgage. Canada Mortgage and Housing Corporation is …
Commitment Letter
A letter outlining the amount, terms and conditions under which a lender is willing to offer a mortgage. …