First mortgage
A mortgage that is registered first against the property. This mortgage has to be paid first to the lender in the event of sale of the property, bankruptcy or default on the mortgage.
View ArticleFixed Rate Mortgage
A fixed rate mortgage is “locked in” for a set amount of time, known as the mortgage term. The mortgage rate will not increase or decrease during this time, and mortgage payments will be the same month...
View ArticleFloating rate mortgage
This is another term used to describe a variable rate mortgage, where interest rates for the mortgage are based on the lender’s prime lending rate. This rate can fluctuate depending on market...
View ArticleForeclosure
This is a legal procedure that happens when a lender takes ownership of the property after a borrower has defaulted on the mortgage loan. READ MORE
View ArticleFull market value (FMV)
In reference to property taxes, refers to the tax rate that is applied to 100% of the property's value. READ MORE
View ArticleFive Cs of Credit
A method used by lenders to assess the credit worthiness of a potential borrower, and the chances of them defaulting on a loan. The system uses five factors to determine if the borrower qualifies for...
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