Glossary

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M

Maturity Date

The last day of the term of the mortgage agreement. On this day the mortgage loan must be either paid in full or the agreement renewed.



Mortgage

A mortgage is security for a loan on the property that you own. It is your personal guarantee to repay the loan as well as a pledge of the property as security for the loan.



Mortgage Life Insurance

This insurance guarantees that if you die your mortgage will be paid in full. This insurance can be conveniently purchased through your lender and the premium added to your mortgage payments. However, you may want to compare rates for equivalent products from an insurance broker.



Mortgage Loan Insurance

If you have a high-ratio mortgage (more than 75% of the purchase price), your lender will require mortgage loan insurance- available from CMHC or a private insurer. The insurance premium will cost between 0.5% and 3.75% of the amount of the mortgage (additional charges may apply).



Mortgage Payment

A regularly scheduled payment that is blended to include both principal and interest.



Mortgagee

The lender who provides the mortgage loan.



Mortgagor

The borrower who pledges the property as security for the loan.



 

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