Glossary of Real Estate Terms
Amortization
Anniversary
Appraisal
Appraised Value
Approved Lender
Assumption
Balanced Market
Blended Payment
Building Permit
Buyer's Market
Closed Mortgage
Closing Costs
Closing Date
CMHC
Collateral Mortgage
Commitmetn Letter / Mortgage Approval
Conditional Offer / Conditions of Sale
Conventional Mortgage
Covenant
Conveyancing
Deed
Default
Discharge of Mortgage
Down Payment
Easement
Encumbrance
Equity
FHLI
Foreclosure
Gross Debt Service Ratio
High-Ratio Mortgage / Insured Mortgage Loan
Holdback
Interest
Interest Adjustment (IAD)
Interest Rate
Lending Value
Loan-to-Value Ratio
Lien (Mechanics)
Maturity Date
Mortgage
Mortgage Life Insurance
Mortgage Loan Insurance
Mortgage Payment
Mortgagee
Mortgagor
Net Worth
NHA Premium
Offer to Purchase
vOpen MortgageOption Agreement
PIT
PITH
Pre-Approved Mortgage
Prepayment Privileges
Principal
Property Purchase or Land Transfer Tax
R>EALTOR®
Deposit
Refinance
Regular Mortgage
Renewal
Second Mortgage
Seller's Market
Strata or Condominium Fee
Statement of Adjustment
Survey
Term
Title (Freehold or Leasehold)
Total Debt Service Ration (TDS)
Variable-rate Mortgage
Seller Take-Back Mortgage
Zoning Bylaws
The period of time required to reduce a debt to zero when payments are made regularly. Amortization periods are most often 15, 20, or 25 years long.