Glossary of Terms

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