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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
M
Maturity date
The last day of the term of the mortgage agreement. The mortgage must be paid in full or the agreement renewed by the maturity date.
Mortgage
A conveyance of property to a creditor, as security for payment of a debt. Such security is redeemable or recoverable on the payment or discharge of the debt at a specified date. More recently referred to as a Charge in the new Polaris registry system. An encumbrance registered on the title of the lands.
Mortgage Insurance Premium
A premium, which is charged as a percentage of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.
Mortgage Life Insurance
A form of reducing term insurance recommended for the borrower. In the event of the death of the borrower or one of the co-borrowers, the insurance pays the balance owing on the mortgage. The intent is to protect survivors from losing their home.
Mortgagee
The one to whom property is conveyed. (The lender). The holder of the mortgage.
Mortgagor
The one who makes the payments. The owner of the property (The borrower).
N
National Housing Act (NHA) loan
A mortgage backed (insured) to a certain maximum by CMHC or an approved private insurer.
Net rate of interest
The interest rate received by a mortgage lender net of the servicing fee deducted by a loan correspondent etc.
Nominal rate
The quoted interest rate for a mortgage.
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