The length of the current mortgage agreement. This is different than amortization which is the length of time it will take to pay off the mortgage in full. The term is the length of time that the existing terms and conditions (like interest rate and prepayment privileges) apply.
Term
Glossary Terms
AmortizationAppraisal
Assumable
Bank Statements
Blend and Extend
Blended Payment
Borrowell
Canada Child Benefit (CCB)
Closing Costs
CMHC
Co-Signer
Commitment
Conventional Mortgage
CRA Proof of Income Statement
CRA Statement of Account
Credit Bureau
Credit Karma
Debt-Service Ratio
Deposit for Property Purchase
Discharge
Equity
Financial Statements
First Time Home Buyer Programs
Fixed-Rate Mortgage
Foreclosure
Gross Debt Service (GDS) Ratio
Guarantor
High Ratio Mortgage
Holdback
Interest Adjustment Date
Interest Rate Differential (IRD) Penalty
Interim Financing
Joint Tenancy
Letter of Employment
Manufactured Home CSA Labels
Maturity Date
Mortgage Insurance
Mortgage Statement
Mortgage Term
Mortgagee and Mortgagor
Notice of Assessment
Open Mortgage
Pay Statement
Pay Stub
Payment Frequency
Porting
Prepayment Charge
Prepayment Privileges
Principal
Principal, Interest, Taxes (P.I.T.)
Property Tax Notice (Statement)
Refinancing
Renewal
Rent-To-Own
Statement of Adjustments
Statement of Disbursements
T1 General
T4 Statement of Remuneration Paid (slip)
Tenants in Common
Term
Total Debt Service (TDS) Ratio
Variable Rate Mortgage
Void Cheque