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| Bank Rates |
Term |
Our Rates |
| 6.75% | 1 | 5.50% | | 7.25% | 2 | 5.50% | | 7.30% | 3 | 5.50% | | 7.30% | 4 | 5.50% | | 7.30% | 5 | 5.44% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 7/17/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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A-B C-D E-F G-H I-J K-L M-N O-P-Q R-S T-U V-W X-Y-Z
C
Carrying costs
The actual cost of living and maintaining property, including mortgage payments, property tax, heating, repairs and so on.
Closed mortgage
The restriction or denial of repayment rights until the maturity of the mortgage.
Closing date
The date on which the sale of property becomes final and the new owner takes possession.
CMHC
Canada Mortgage and Housing Corporation, a Crown Corporation that administers the National Housing Act.
Co-operative
The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements. Used jointly with other owners however, the owner does not own his/her specific unit but he/she becomes a shareholder of the corporation, which owns all the real property and occupies by way of a tenancy agreement subject to a shareholders agreement administered by an elected board of directors.
Co-ownership
Co-ownership occurs when the ownership of the whole property is divided (not necessarily on a pro-rated basis) between tow or more persons. Usually there is a written agreement between the co-owners in which the rights of each co-owner is described. Each co-owner may sell his/her right of ownership of dispose of it as he/she wishes.
Collateral mortgage
A loan backed by a promissory note and the security of a mortgage on a property. The money borrowed may be sued for another purpose, such as home r3enovations or a vacation.
Commitment
A notice from a mortgage lender to a prospective borrower that the lender will advance mortgage funds in a specified amount under certain conditions.
Commitment fee
This fee is charged by a lender for keeping an agreed amount of funds available to the borrower for a specified period of time.
Compound Interest
Interest charged not only to the principal sum but also on interest amounts charged in a preceding period.
Condominium
The ownership of a separate amount of space in a multiple dwelling or other multiple-occupancy building with proportioned tenancy in common ownership of common elements used jointly with each owners.
Contract
An agreement between two or more parties given receipt of lawful consideration to do or refrain from doing some act.
Conventional mortgage
A first mortgage, outside the conditions of NHA (the National Housing Act), granted by an institutional lender such as a bank, mortgage, loan or trust company wherein the amount of the loan does not exceed 75% of the appraised lending value of the property.
Convertible mortgage
A short-term mortgage, usually 6(six) or 12 (twelve) months, allowing the borrower to switch into a longer term at any time without penalty. There are several different variations to the convertible mortgage.
D
Debt service
The amount of principal and interest repayments made under a mortgage on a periodic basis. If payments are equal they are “constant payments”, if amounts vary they are known as “variable payments”.
Deed
An instrument in writing, duly executed and delivered, that conveys title or an interest in real property.
Default
Failure to fulfill an obligation.
Demand note
Payment is made on demand, usually within a few
Deposit
A sum of money (in the form of cash) required to be paid with an offer a purchase as a symbol of the purchaser’s commitment. If the offer is accepted, the deposit is applied to the down payment. If the offer is later turned down by the buyer, the deposit may or may not be returned.
Discharge of mortgage
A document executed by the mortgagee, and given to the mortgagor when a mortgage loan has been repaid in full before, at, or after the maturity date.
Down payment
The amount of money (in the form of cash) put forward by the buyer toward the purchase price of a home.
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