The option to make twice the normal regular payment at a regular payment due date. …
Downpayment
The amount of cash put forward by the buyer toward the purchase price of real estate. …
Fixed Rate Mortgage
The interest rate remains the same for the term of the mortgage. …
Gross Debt Service Ratio (GDS)
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. …