- Apply for a Mortgage
- Contact Us
- Mortgage News
- Library & Statistics
- Rates & Tools
- Mortgage Services
- Home
1-800-604-1864
Professional Listings
Mortgage Statistics
Apply Now
Mortgage Rates
Current Mortgage RatesVariable closed: 1.65% 1 year closed: 1.64% 3 year closed: 1.59% 5 year closed: 1.69% 10 year closed: 2.84% Glossary
Tools
Mortgage Calculators Credit Card Calculators
Search the Glossary
GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
^
50% - Moderately
50% - Moderately
Assumability
Synonyms: | assignment, move, shift, transfer |
Filed Under: | mortgages, real-estate |
Tags: | mortgage, realty |
Definition of assumability
- assumability
- 1. The ability of a mortgage to be taken over by a new borrower. See also "Assumable Mortgage."
Related Terms and Acronyms:
- assignment The transfer of a mortgage from one person to another.
- assumable A loan or obligation that can be taken over by a new borrower.
- assumption clause A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
- assumption fee A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
- mortgage assumption Taking over the payment and responsibility for an existing property loan.
- non-assumption clause A provision of a home loan that prohibits the transfer of the mortgage to another borrower without the lender's permission.
- transfer of title (TOT) A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
Search the Glossary
Mortgage Amortization Calculator
An amortization is the amount of time scheduled to completely pay off a loan, and the amortization length you choose is important in shaping how much you'll end up paying for your home. While the Government of Canada's national housing agency caps the amortization period for high-ratio mortgages at 25 years, and that is the most popular amortization length in Canada, amortizations can range anywhere from 5 to 30 years for uninsured mortgages. Try our easy to use mortgage calculator to see how changing the amortization length affects your loan payments.
Brokers Compare Mortgage Rates
Think the mortgage rate that your bank offered you looks a little high? You're probably right. Unlike a with a mortgage broker, your bank won't shop around for the best rate on the market. Click or tap on the mortgage rate comparison link below and check out the difference for yourself.
Who has the Best Mortgage Rate?
There are well over a hundred mortgage lenders in Canada competing for your business. Wouldn't it be nice to know who's got the best mortgage rates in Canada? Whether you want flexibility or rock-bottom rates, we will make sure you get what you need.
|
Tel: 1-800-604-1864 Fax: 1-866-565-1864 info@superbrokers.ca |
© 2000-2020 Super Brokers is Canadian owned and operated by Colloco Enterprises.
All trademarks and logos are the property of their respective owners. All rights reserved.
All trademarks and logos are the property of their respective owners. All rights reserved.