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GLOSSARY OF MORTGAGE TERMS

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TERM:
A FIXED PERIOD OF TIME WHICH IS EITHER LESS THAN OR EQUAL TO THE AMORTIZATION PERIOD AND AT THE END OF WHICH THE MORTGAGE IS EITHER PAID OUT OR RENEWED.

TITLE INSURANCE:
TITLE INSURANCE IS AN INSURED STATEMENT OF THE CONDITION OF TITLE OR OWNERSHIP OF REAL PROPERTY.

TOTAL DEBT SERVICE:
THE PERCENTAGE OF GROSS ANNUAL INCOME REQUIRED TO COVER ALL PAYMENTS FOR HOUSING AND OTHER DEBTS. THIS MAY INCLUDE CAR/LOAN PAYMENTS, AND RRSP LOAN PAYMENTS AND CREDIT CARDS. THE TOTAL SHOULD GENERALLY NOT EXCEED 37% OF GROSS MONTHLY INCOME. ALSO KNOWN AS TDS .

TRANSFER OF CHARGE:
THE ASSIGNMENT OF A MORTGAGE UNDER THE LAND TITLES SYSTEM

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Glossary of Terms
   

*Mortgage Edge assumes no responsibility for the use or application of any comments and/or formulas on this site. Any areas concerning taxes, investments,mortgages, insurance or specific legal situations should be referred to lawyers, accountants, financial consultants, realtors or other licensed professionals, qualified or authorized to render such advice. Additionally, all concierge services are paid advertisers, and Mortgage Edge does not warrant or guarantee any work provided. All Rates are subject to change without notice and may vary based on individual application. O.A.C. Fees may apply in some circumstances on unqualified transactions.


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