The number of years it takes to repay the entire amount of a mortgage.
An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
The increase of a property's value over time.
A lending institution authorized by the Government of Canada to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages that require mortgage insurance.
The value of a property, set by the local municipality, for the purposes of calculating property tax.
A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage