- A type of loan taken out to finance the purchase of a home. Also known as a "mortgage" or "mortgage loan."
home financing, mortgage loan, prêt à domicile, house loan
morgage, house loan, mortage, mortgage
Related Terms and Acronyms
- Borrow — Definition,
- To get a loan of money.
- Sand, gravel or other material used for grading; a slope.
- Borrower — Definition,
- A person who borrows money or obtains a loan.
- Conforming Loan — Definition,
- A mortgage that is eligible for purchase or securitization by one of the government-sponsored enterprises such as Fannie Mae, Freddie Mac and Ginnie Mae (US mortgages only). Requirements include size of the loan, type, and age
- Creative Financing — Definition,
- An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
- Home Equity Loan (HEL) — Acronym, Very Important,
➥ Also known as an Equity Take Out (ETO).
- A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
- Lender — Definition,
- The bank or mortgage company offering the loan.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.