A short term mortgage, usually 6 months or 1 year, that allows a borrower to lock in to a longer term at any time without penalty. …
Credit Bureau Report
A report by a credit reporting agency that maintains a history of timely, or untimely, repayment of debt. The lender's primary source of information regarding the credit history of a borrower …
Double-Up
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. …