Real Estate Definitions

Real Estate Definitions

Open Mortgage: allows the borrower the flexibility to pay extra amounts towards the mortgage without a penalty.

Closed Mortgage: limits the extra amounts that a borrower can pay towards the mortgage each year (this limitation is referred to as the Prepayment Privilege).

Portable Mortgage: allows a borrower to transfer his or her current mortgage of a property onto a new property which the borrower intends to purchase.

Assumable Mortgage: allows a third party to take over the borrower’s mortgage and property or have a third party take over the borrower’s mortgage and property.

Fixed Rate Mortgage: the interest rate of the mortgage remains constant for the entire term of the loan.

Variable Rate Mortgage: the interest rate is not fixed and will adjust as the prime rate changes.

Standard/Conventional Mortgage: the mortgage is registered for its actual amount against the property.

Collateral Mortgage: a collateral mortgage can be registered for an amount that is higher than the actual mortgage amount. This allows the borrower to borrow additional funds from the lender (a process referred to as readvancing) if required in the future, without having to refinance the borrower’s mortgage.

Private Mortgage: a mortgage that is sourced privately through an individual or business, as opposed to a major bank or financial institution.

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