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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Blanket Mortgage


Synonyms:consolidated loan, multiple dwellings
Filed Under: mortgages
Tags: mortgage
 

Definition of blanket mortgage

blanket mortgage
1. A mortgage that covers more than one parcel of real estate owned by the same buyer.

Related Terms and Acronyms:

  • blanket insurance   A form of insurance that covers multiple different classes of property with one policy. Homeowner's insurance, for instance, not only covers damages to the insured home, but also the contents of the home.
  • commercial mortgage   A mortgage for commercial property.
  • umbrella mortgage   A specific arrangement where one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payment(s), to lender(s), while the mortgagor makes one payment to the mortgagee. Also referred to as a wraparound.

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