A loan by a lender (mortgagee) to a property owner (mortgagor) where the property itself is provided as security (collateral).
The amount of time it takes to pay back the entire mortgage.
Assignment of Mortgage
The transfer of ownership of a mortgage from one mortgagee to another.
Assumption of Mortgage
The act of assuming liability for an existing mortgage on a property by the purchaser of that prop-
This type of mortgage has a fixed term. There is a penalty imposed if the mortgagor wishes to discharge this loan before the end of its term.
To pay off the entire mortgage loan.
The lender of money for a mortgage loan.
The borrower of money for a mortgage loan who takes responsibility for its repayment.
This type of mortgage has a fixed term. There is no penalty imposed if the mortgagor wishes to discharge this loan before the end of its term.
Second and Third Mortgages
Mortgages registered secondly and thirdly on a title after the first mortgage. These mortgages have second and third call on funds if the mortgage goes into default and the property must be sold. These are sometimes known as equity loans.
"Taking Back" a Mortgage
When the vendor decides to become a mortgagee for his property, this is known as "taking back" a mortgage.
The prescribed length of time during which the mortgage agreement exists. At the end of each term a new term can be negotiated at the rates of interest current at the time of negotiation.