No Money Down Mortgage

Definition

  • A true 100% mortgage financing product that is available in Canada. This type of mortgage generally has a higher interest rate.

Synonyms
zero down mortgage, one-hundred percent financing, 100% financing

Related Terms and Acronyms

  • Cash Back Mortgage Definition, Important,
    • A mortgage that provides the borrower a lump sum cash payment.
  • Creative Financing Definition,
    • An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
  • Credit Score Definition,
    • Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
  • Low-down Mortgages Definition, Important,
    • Mortgages with a low down payment, usually less than 10 percent.
  • Low-down-payment Loan Definition,
    • A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.
  • 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 Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Mortgage Brokerage Definition, Very Important,
    • An individual or group who brokers deals between their clients and lenders.
    CanEquity is a mortgage brokerage.
  • Mortgage Insurance Definition, Very Important,
    • A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
    • Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
    CanEquity offers mortgage insurance.
  • Mortgage Lender (ML) Acronym, Very Important,
    • A lender that offers mortgages, often through a mortgage broker.
    Used internally by mortgage brokers and mortgage lenders.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • Private Lender Definition,
    • A lender not associated with a traditional lender.
  • Zero Down Mortgage Definition,
    • A mortgage product that allows the borrower to financing 100% of their property.
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