Understanding the terminology

Glossary of terms

Whether you’re buying a home or simply refinancing, here is a glossary of terms to help you understand every step of the process. Below is a variety of terms used by loan officers and real estate professionals that you can refer to for quick reference throughout your mortgage application process.

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Complete definitions

Terms & terminology

The financial world has it’s own language that can seem daunting to those not familiar with it, so Mid Island Mortgage has put together a complete lexicon of terms and terminology to help you.

For complete definitions, mouse over the terms below.

A
Acceleration Clause
Agreement for sale
Amenities
Amortization
Amortization schedule
Appreciation
Assessed value
Appraisal
Assets
Assumable mortgage
B
Buy Down
C
CMHC
CMHC Mortgage
Clear Title
Closed Mortgage
Common Tenancy
Completion
Conventional Mortgage
Convertible Mortgage
Co-Covenantor
Common Areas
Compounded
Condominium
Conveyance
Covenant
Covenantor
D
Deed
Delinquency
Deposit
Depreciation
Down Payment
E
Easement
Encroachment
Equity
F
Fair Market Value
First Time Home Buyers
First Mortgage
Fixed-rate Mortgage
Foreclosure
G
Gross Debt Service Ratio
H
Homeowner's Insurance
Homeowner's Warranty
High Ratio Mortgage
I
Inter Alia Mortgage
Interest
Interest Rate Differential
J
Joint Tenancy
L
Liabilities
Lien
Lifetime Cap
Loan Servicing
M
Margin
MICC
Mortgage Broker
Mortgagee
Mortgagor
 
 
N
Negative amortization
Net Worth
O
Owner Financing
Open Mortgage
P
Prepayment Clause
Prepayment Penalty
Principal
Purchase Property Tax
R
Radon
Real Property - Real Estate Property
Real estate agent
Refinancing
S
Second Mortgage
Secondary Mortgage Market
Strata Fees
Survey
T
TDS or TDSR
Term
Title
Title Company
Title Search
Transfer Tax
Total Debt Service Ratio
V
Vendor