Ontario Mortgage Glossary

A mortgage provision allowing the lender to declare the entire unpaid balance immediately due after a specified default, rather than collecting only the missed instalments. Acceleration commonly precedes enforcement.

Interest that has been earned by the lender but has not yet been paid. It may accumulate between payment dates, during arrears, or where a mortgage provides for interest to be paid at maturity.

Property or rights pledged in addition to the primary mortgaged property. Examples include a second property, a general security agreement, an assignment of rents, or a personal guarantee.

A variable-rate mortgage in which the required payment changes when the lender’s reference rate changes, keeping the amortization more closely on track.

Ontario-specific. A person or company licensed by FSRA to receive mortgage payments from borrowers and distribute funds to lenders or investors, maintain records, issue statements, and perform other administration functions.

The contract between a buyer and seller setting out the price, deposit, closing date, conditions, inclusions, exclusions, and other terms of a real-estate purchase.

A lender outside the traditional prime-bank channel that may accept non-standard income, weaker credit, higher debt ratios, unusual properties, or other situations that do not fit prime underwriting.

The period over which scheduled payments would reduce the mortgage balance to zero if the interest rate and payment assumptions remained unchanged. Amortization is different from the term.

A table showing how each mortgage payment is allocated between principal and interest and how the balance declines over time.

An independent opinion of a property’s market value prepared by a qualified appraiser. A lender may rely on an appraisal to establish lending value, marketability, condition, and sometimes rental income.

A Canadian professional appraisal organization whose common residential and commercial designations include CRA and AACI.

Amounts that should already have been paid but remain unpaid, such as mortgage payments, property taxes, condominium fees, insurance premiums, or support obligations.

A security document assigning rental income and lease rights to a lender. It is common in rental, commercial, and private mortgage transactions and may become enforceable after default.

A transfer of a lender’s interest in a mortgage to another lender or investor. In Ontario, an assignment may be registered on title.

An arrangement under which a buyer takes over an existing mortgage, subject to the lender’s approval and the mortgage terms. The original borrower may remain liable unless formally released.

A technology-based estimate of property value using sales and property data. An AVM may support underwriting but is not always accepted in place of a full appraisal.

An informal industry term for a lender serving borrowers who do not meet prime-bank guidelines. B lenders often focus on stronger equity, marketable properties, and an identifiable path back to prime financing.

A large payment due at the end of a loan because regular payments did not fully amortize the debt.

The Bank of Canada’s target for the overnight rate. It influences prime rates and variable mortgage pricing, but fixed mortgage rates are also affected by bond yields and funding costs.

One one-hundredth of one percentage point. For example, 25 basis points equals 0.25%.

A single mortgage secured against two or more properties. Releases of individual properties usually require the lender’s consent and may require a partial paydown.

A payment combining principal and interest in one regular amount.

A rate produced by combining an existing mortgage rate with a new rate, commonly when a borrower increases a mortgage before maturity without fully breaking the original mortgage.

The person or entity that owes the mortgage debt and signs the loan documents.

Ontario-specific. Information a mortgage brokerage must provide concerning its role, relationships, compensation, conflicts, material risks, and the cost of borrowing, as applicable.

Short-term financing used to cover a timing gap, commonly where a homeowner purchases a new property before receiving the sale proceeds from the existing property.

A fee payable to a mortgage brokerage for arranging or attempting to arrange financing. In Ontario, the amount, timing, and circumstances must be properly disclosed.

A mortgage approval obtained for a pre-construction purchase. Because completion may be months or years away, the approval may expire and the borrower may need to requalify.

A payment made to reduce a borrower’s mortgage rate or payment for a period. It may be funded by a builder, seller, lender, or borrower, subject to lender rules.

A federal Crown corporation that, among other functions, provides mortgage loan insurance and housing research. CMHC insurance protects the lender, not the borrower.

Ontario-specific. The land-registration instrument used to register mortgage security against title. Ontario land records commonly use the word “charge” where everyday language uses “mortgage.”

Ontario-specific. The lender or holder of a registered charge.

Ontario-specific. The owner who grants a registered charge over the property.

Security over movable personal property rather than land. For business financing, similar security is often perfected under Ontario’s Personal Property Security Act.

A mortgage that limits prepayments or imposes a penalty for repayment before maturity, except for any prepayment privileges stated in the contract.

The date on which purchase funds and legal documents are exchanged, title is transferred, and the mortgage is advanced and registered.

Expenses payable in addition to the down payment, such as legal fees, land transfer tax, title insurance, adjustments, appraisal costs, and registration fees.

A charge that may secure more than one obligation and may be registered for an amount greater than the initial mortgage advance. Transferring it to another lender may require a discharge and new registration.

A mortgage secured by commercial, industrial, mixed-use, development, multi-residential, or other income-producing real estate.

A lender’s written offer setting out the approved loan amount, rate, fees, term, conditions, security, expiry, and other requirements. It is not the same as funded money.

Ontario-specific. Amounts condominium owners must contribute toward the condominium corporation’s expenses. Unpaid common expenses can lead to a condominium lien with serious priority consequences.

Interest calculated on principal plus previously accumulated interest. Canadian fixed-rate mortgage quotations are commonly based on semi-annual compounding, not in advance.

A clause in an Agreement of Purchase and Sale giving the buyer time to obtain satisfactory financing. Waiving it before financing is secure may expose the buyer to significant risk.

Ontario-specific. The legal entity created when a condominium is registered. It manages the common elements, collects common expenses, maintains records, and can register liens for unpaid common expenses.

Ontario-specific. A lien a condominium corporation may register for unpaid common expenses and related amounts. It may rank ahead of a previously registered mortgage, making status-certificate review important.

Ontario-specific. A statutory portion of construction payments retained under Ontario’s Construction Act to protect lien claimants.

Ontario-specific. A claim arising from unpaid services or materials supplied to improve land. Construction liens can affect mortgage priority and prevent or delay funding.

Financing advanced in stages as construction progresses. Each advance may require inspections, appraisals, permits, lien searches, and confirmation that equity has been invested.

A mortgage that does not require high-ratio mortgage default insurance, commonly because the borrower has at least 20% equity or down payment. Lender policies still apply.

A mortgage allowing conversion from one rate type or term to another under specified conditions, often from a short term to a longer fixed term.

A person who becomes jointly liable for the mortgage debt, usually to strengthen income or credit qualification. A co-signer may or may not hold an ownership interest.

The total borrowing cost required to be disclosed under applicable law, including interest and certain non-interest charges, often expressed through an annual percentage rate.

An organization that maintains consumer credit information used by lenders to assess repayment history and current obligations.

A numerical estimate of credit risk derived from a credit file. Lenders also assess the underlying history, utilization, missed payments, collections, and recent inquiries.

Ontario-specific. MPAC’s assessed value used by municipalities as part of the property-tax calculation. It is not necessarily the property’s present market value or a lender’s appraised value.

Commercial term. Net operating income divided by required debt payments. A higher DSCR generally indicates a stronger ability for the property to service the loan.

A broad measure comparing debt obligations with income. Residential lenders commonly use GDS and TDS rather than one universal debt-to-income calculation.

A failure to comply with a mortgage obligation, such as missing payments, failing to pay taxes or insurance, making unauthorized changes, providing false information, or breaching another covenant.

Insurance protecting the lender if the borrower defaults. It is generally required for qualifying owner-occupied mortgages with a down payment below 20%, subject to insurer and program rules.

The amount still owing after enforcement proceeds are applied to the debt. Depending on the documents and law, a lender may pursue the borrower or guarantor for a deficiency.

A loan repayable when the lender makes a valid demand, subject to the contract and applicable law.

Money paid under an Agreement of Purchase and Sale as security for the buyer’s performance. It is different from the total down payment.

Ontario-specific. A registered instrument removing a mortgage charge from title after the secured obligations are paid or otherwise released.

A lender’s statement showing the amount required to pay out and discharge a mortgage on a specified date, including principal, interest, penalties, fees, and per-diem interest.

A mortgage rate offered below a lender’s posted rate. Penalties may still be calculated using the lender’s contract terms or posted-rate methodology.

The portion of the purchase price paid from the buyer’s own permitted sources rather than mortgage proceeds.

A partial advance under a construction, renovation, or line-of-credit facility.

The investigation performed before committing or funding, such as reviewing identity, income, credit, title, appraisal, taxes, insurance, leases, corporate records, environmental issues, and exit strategy.

A charge for repaying a closed mortgage before maturity. It may be based on three months’ interest, an interest-rate differential, or another contractual formula.

A registered or legal right allowing someone to use part of another property for a stated purpose, such as access, drainage, or utilities.

A structure or improvement that extends onto neighbouring land or into an easement or setback area.

A registered or legal interest affecting title, such as a mortgage, lien, easement, restrictive covenant, or execution.

The difference between a property’s value and the debts or claims secured against it. Realizable equity may be lower after sale costs, taxes, penalties, and enforcement expenses.

Ontario-specific. The owner’s right to redeem the mortgage by paying the amount legally required before that right is finally extinguished through enforcement.

Ontario-specific. Professional liability coverage that Ontario mortgage brokerages and administrators must maintain in the form and minimum amounts prescribed by regulation.

A signed confirmation of facts that prevents the signer from later denying those facts. In commercial lending it may confirm lease terms, rent, defaults, deposits, and amendments.

Ontario-specific. A writ or judgment enforcement claim that may affect a debtor’s interest in land. Lawyers commonly search executions before closing or advancing mortgage funds.

Private-mortgage term. The credible plan for repaying a short-term mortgage, such as sale, refinance, completion of renovations, stabilization of income, or receipt of another source of funds.

An amortization longer than the lender’s standard period. It lowers the scheduled payment but increases total interest and may be restricted by insurance or lender policy.

The price a willing buyer and willing seller would agree to in an open and unrestricted market, neither being under compulsion and both having reasonable knowledge of relevant facts.

An approval with major underwriting completed, but it may still contain conditions. The phrase is used inconsistently, so borrowers should review the written commitment rather than rely on the label.

The mortgage with first priority among registered mortgages, subject to claims that can obtain statutory or super-priority status.

Ontario-specific; verify current rules. A provincial refund available to eligible first-time purchasers, subject to statutory conditions, occupancy requirements, deadlines, and a maximum refund.

A mortgage whose interest rate is fixed for the stated term, although the payment and amortization consequences depend on the mortgage contract.

An interest rate that moves with a reference rate such as prime, a lender’s base rate, or another benchmark.

An agreement under which a lender temporarily refrains from enforcement if the borrower complies with specified repayment, reporting, or sale conditions.

Ontario-specific. A court process that can extinguish the borrower’s equity of redemption and transfer ownership to the lender. In Ontario, power of sale is generally more common.

Misrepresentation intended to obtain a home for the borrower, such as falsifying income or down-payment documents. It remains mortgage fraud even where the borrower intends to make payments.

Ownership of land and the buildings on it, subject to registered interests, statutes, taxes, and municipal rules.

A mortgage that can generally be repaid in full at any time without a prepayment penalty, although administrative and discharge costs may still apply.

The date the lender advances mortgage money, which may be the closing date or an earlier/later date depending on legal arrangements.

Commercial term. Security granted over a business’s present and after-acquired personal property, commonly registered under Ontario’s Personal Property Security Act.

A down payment provided as a genuine, non-repayable gift from an acceptable donor. Lenders usually require a gift letter and evidence of the transfer.

The percentage of gross household income required for qualifying housing costs, commonly including mortgage payments, property taxes, heating, and part of condominium fees.

A commercial lease in which the landlord pays some or most operating expenses from the stated rent, subject to the lease terms.

An underwriting adjustment that increases certain non-taxable income for qualification, where permitted by the lender.

A person or entity promising to pay or perform if the borrower defaults. The scope of liability depends on the guarantee.

An informal term for asset-based private financing where property value, equity, security position, and exit strategy receive more weight than conventional income qualification.

A residential mortgage where the loan exceeds 80% of the property’s lending value or purchase price under applicable rules, normally requiring mortgage default insurance.

Funds retained until specified conditions are met. Holdbacks may relate to construction, repairs, taxes, liens, lease-up, or unresolved property issues.

A federal program allowing eligible individuals to withdraw funds from an RRSP for a qualifying home purchase, subject to current limits and repayment rules.

A revolving credit facility secured by residential property. The borrower can draw, repay, and redraw up to the approved limit, subject to the agreement.

A visual review of a property’s systems and condition by an inspector. It is not an appraisal and does not determine mortgage value.

Ontario-specific component; verify current rules. Federal and Ontario rebates may return part of the HST paid on qualifying new or substantially renovated housing. Eligibility, value thresholds, occupancy, timing, and assignment rules are technical and change over time.

Documents used to support income, such as employment letters, pay stubs, tax returns, Notices of Assessment, business financial statements, bank statements, and contracts.

Real estate held primarily to produce rental or business income.

Advice from a lawyer who acts only for the person receiving the advice. Lenders commonly require ILA for guarantors, non-title spouses, equity gifts, conflicts, or higher-risk private transactions.

A mortgage protected by mortgage default insurance, generally where the borrower has a smaller down payment and meets insurer requirements.

A mortgage that may qualify for portfolio mortgage insurance even though the borrower has at least 20% equity. It must satisfy insurer eligibility rules.

The date from which the regular payment cycle begins. Interest for the period between funding and that date may be collected separately.

A mortgage requiring payment of interest without scheduled principal reduction for a specified period.

A prepayment-penalty method comparing the mortgage rate with a reference or replacement rate for the remaining term, according to the lender’s formula.

Ontario condominium term. The period when a buyer may occupy a newly built condominium unit before title transfers. The buyer usually pays occupancy fees and normally does not yet make the final mortgage advance.

Financing for a property not occupied as the borrower’s principal residence, commonly underwritten using rental income, market rent, debt coverage, and larger down-payment requirements.

Liability allowing the lender to pursue any one borrower or guarantor for the full debt, leaving contribution issues to be resolved among the liable parties.

Co-ownership in which an owner’s interest generally passes to the surviving joint tenant on death, subject to legal exceptions and severance.

A court determination that one party owes another. A judgment may support enforcement and may appear through an execution search.

Ontario-specific. The registry jurisdiction in which documents affecting a property are registered and certified. Ontario land records are accessed electronically through the provincial system.

Ontario-specific. Provincial tax generally payable when an interest in land is acquired. The amount depends on value of consideration, property type, location, exemptions, and current statutory rates.

The person or entity advancing mortgage funds and receiving the mortgage security.

A fee charged by a lender, common in alternative, private, commercial, and construction financing. It is separate from interest and any brokerage fee.

The property value accepted by the lender for calculating the loan. It may be the lower of purchase price and appraised value or another amount under lender or insurer rules.

Written instructions authorizing a lawyer, brokerage, lender, or other party to pay funds to specified recipients.

A legal claim or security interest against property for an unpaid obligation. Examples include construction liens, condominium liens, tax liens, and judgment-related claims.

Construction/commercial term. The loan amount divided by the total eligible cost of acquiring, constructing, or improving the project.

The mortgage amount divided by the lender-accepted property value, expressed as a percentage. Combined LTV includes all mortgages or secured facilities that the lender counts.

A lender’s agreement to hold a rate for a stated period, subject to conditions, product rules, and closing within the hold period.

An extra principal payment permitted under a mortgage’s prepayment privileges.

The rent a property could reasonably command in the open market. It may differ from the rent actually being paid.

How readily a property can be sold at a reasonably predictable price. Lenders consider location, condition, uniqueness, demand, zoning, access, and environmental concerns.

The date the mortgage term ends and the remaining balance becomes due unless renewed, refinanced, or otherwise repaid.

Ontario-specific. A family residence ordinarily occupied by spouses at separation and designated by Ontario’s Family Law Act. Special possession and disposition rules can apply even where only one spouse is on title.

A corporation structured under the federal Income Tax Act to invest primarily in mortgages and distribute income under prescribed rules. A MIC is not itself a guarantee of investment quality.

A property containing more than one use, such as residential units above retail or office space. Financing may be treated as residential, commercial, or hybrid depending on the property and lender.

A loan secured by an interest in real property. In Ontario title registration, the security instrument is commonly called a charge.

Ontario-specific. An individual licensed by FSRA to deal in mortgages through one licensed brokerage within the permitted scope of a Level 1 licence.

Ontario-specific. An individual licensed by FSRA with the education and authority to deal in mortgages including private mortgages, through one licensed brokerage.

Ontario-specific. An individual licensed by FSRA who may deal in mortgages for a licensed brokerage and supervise mortgage agents, subject to the Act and regulations.

Ontario-specific. A business licensed by FSRA to carry on mortgage brokering activities in Ontario.

Ontario-specific. The licensed mortgage broker designated by a brokerage to oversee compliance and supervision. Ontario law uses the term principal broker.

The premium paid to insure a mortgage against borrower default. It is usually added to the mortgage balance, although provincial sales tax on the premium, where applicable, may need to be paid separately.

Intentional misrepresentation or concealment in a mortgage transaction, including false income, employment, occupancy, down payment, debt, identity, value, or transaction information.

The lender’s directions to the closing lawyer setting out the documents, searches, insurance, title, priority, and funding conditions required.

A periodic or annual statement showing information such as payments, interest, principal, balance, and other account activity.

Verify current rules. Qualification at a rate higher than the contract rate to test repayment capacity. The applicable formula depends on the lender, insurance status, transaction type, and current federal or lender rules.

The lender or holder of the mortgage security.

The borrower or owner who grants the mortgage security.

Toronto-specific; verify current rates. A City of Toronto land-transfer tax payable in addition to Ontario LTT on applicable Toronto transactions.

Toronto-specific; verify current rules. An additional Toronto tax applicable to certain foreign purchasers of residential property, separate from provincial NRST and MLTT.

A document or search confirming property-tax status. Unpaid municipal taxes can create serious priority and enforcement issues for lenders.

Commercial term. Property income remaining after operating expenses but before mortgage payments, income tax, depreciation, and often capital expenditures.

Assets minus liabilities. Lenders may use net worth to assess financial resilience, guarantees, and the borrower’s ability to cover cost overruns or vacancies.

A transaction between related or connected parties who may not be negotiating independently. Lenders often require additional valuation and documentation.

A mortgage that falls outside standard prime guidelines because of credit, income, property, loan purpose, or documentation.

Ontario-specific; verify current rules. A provincial tax on certain acquisitions of residential property by foreign entities or taxable trustees, subject to exemptions and rebates.

A CRA document summarizing a tax return assessment. Lenders use it to support income and confirm tax balances.

Ontario-specific. A formal notice served in a power-of-sale process after default, giving entitled parties the statutory or contractual redemption period before sale.

Ontario-specific. A registration historically used to give notice of certain financed fixtures or equipment interests on title. Ontario reforms have restricted or eliminated many consumer NOSI practices; current title treatment should be confirmed by a lawyer.

A mortgage that permits full or partial repayment without a contractual prepayment penalty, subject to its terms.

A revolving business facility supported by a mortgage or collateral charge over real property.

A property used as the borrower’s principal or secondary residence rather than held solely as a rental.

A person who constructs or substantially renovates a home for personal use. Mortgage draws, permits, lien holdbacks, warranties, and HST rebates may require specialized review.

Ontario-specific. The official electronic title record showing ownership, legal description, registered instruments, and certain qualifications or notices affecting a property.

A registered release of a mortgage from one property or part of a property while the mortgage remains in effect against other secured land.

How often mortgage payments are made, such as monthly, semi-monthly, biweekly, accelerated biweekly, weekly, or accelerated weekly.

The daily interest amount used to calculate interest between dates, including on a payout statement.

Ontario regulatory term. A defined category of sophisticated or institutional client for whom certain mortgage-brokering exemptions or modified requirements may apply.

The borrower’s personal promise to repay the debt, separate from the lender’s rights against the mortgaged property.

A promise by an individual to pay a debt owed by another borrower, commonly a corporation.

Ontario-specific. Ontario legislation governing many security interests in personal property. Mortgage transactions involving businesses, equipment, rents, or fixtures may require PPSA searches and registrations.

Ontario-specific. The unique number assigned to a parcel in Ontario’s electronic land-registration system.

An underwriting acronym for principal, interest, property taxes, and heating costs.

A mortgage feature allowing a borrower to transfer the existing mortgage terms to a new property, subject to approval, timing, and lender conditions.

A lender’s publicly stated rate before discretionary discounts. It may also be used in certain prepayment-penalty calculations.

A legal document authorizing one person to act for another. Mortgage lenders and lawyers scrutinize powers of attorney because of fraud, capacity, and authority risks.

Ontario-specific. A mortgage-enforcement remedy allowing a lender to sell the property after default and required notice without first becoming the owner. The lender must account for sale proceeds according to law.

A preliminary assessment of borrowing capacity, often with a rate hold. It is not a guarantee because the property, documents, and borrower circumstances must still satisfy underwriting.

A fee payable for repaying more principal than the mortgage allows before maturity.

The contractual right to make extra payments, increase regular payments, or pay a lump sum without penalty within stated limits.

A bank, credit union, trust company, or monoline lender offering standard pricing to borrowers and properties meeting its conventional guidelines.

A reference rate set by each financial institution and commonly used to price variable mortgages and lines of credit.

The amount borrowed or the unpaid loan balance, excluding future interest.

Ontario-specific. The licensed mortgage broker appointed by a mortgage brokerage to oversee compliance, supervision, policies, and statutory responsibilities.

A mortgage, lien, easement, or other interest ranking ahead of another security interest.

The legal order in which claims against property are paid or enforced. Registration order is important, but statutes can alter normal priority.

An individual, corporation, trust, MIC, or mortgage fund lending outside conventional institutional channels, often emphasizing equity, property quality, risk, and exit strategy.

A mortgage funded by a private lender, usually for a shorter term and at a higher total cost than prime financing because it addresses risk, speed, complexity, or temporary qualification issues.

A construction or renovation advance released after specified work is completed and verified.

A closing calculation allocating property taxes between buyer and seller based on the closing date and amounts paid.

A mortgage given to finance the purchase of the same property, including a vendor take-back mortgage.

The interest rate used to test whether a borrower can afford the mortgage. It may be higher than the actual contract rate.

A property-law and lease concept protecting lawful possession from substantial interference, subject to the agreement and law.

A transfer or release of whatever interest a person may have without promising that the interest is valid. Specialized legal advice is required where used in mortgage enforcement or title resolution.

A lender’s temporary reservation of a mortgage rate for a qualifying application, subject to expiry and conditions.

Commercial/enforcement term. A person appointed privately or by court to take control of secured assets, collect income, operate or sell property, and apply proceeds under the appointment and law.

Payment of the amount required to cure or fully repay the mortgage and stop enforcement before the borrower’s redemption rights expire.

Replacing or increasing existing financing, usually to obtain funds, consolidate debt, change terms, or move to another lender.

The amount stated in the registered charge. It may equal, exceed, or in some collateral-charge structures differ from the amount initially advanced.

Recording an instrument in the land-registration system so it affects title and gives notice and priority according to law.

A new mortgage term offered when the existing term matures. Renewal is not automatic unless the lender agrees.

A lender method that subtracts an accepted portion of rental income from property expenses instead of adding the income to gross income.

Commercial term. Funds set aside for major future repairs and capital replacements.

A loan generally available to older homeowners that releases home equity without required regular principal-and-interest payments, with repayment typically due on sale, move-out, or death, subject to the contract.

An easement allowing passage over land.

An informal description of a mortgage renewed or extended, sometimes automatically or for a short period, after maturity.

A mortgage provision addressing repayment when the property is sold, often making the full balance due unless the mortgage is portable or assumable.

A mortgage ranking behind a first mortgage. Its higher risk generally produces higher rates, fees, and stronger equity requirements.

Financing placed behind a first mortgage, such as a second or third mortgage.

The conventional Canadian method used to quote many fixed mortgage rates: interest is compounded twice per year, with interest not charged before it is earned.

The borrower’s or property’s ability to make required debt payments from reliable income or cash flow.

Ontario-specific. A search for writs of seizure and sale filed against a person or entity that may affect dealings with land.

Interest calculated only on principal, not on accumulated interest, unless unpaid interest is lawfully capitalized.

A one-to-four-unit residential rental property in many lending programs. Rules differ by lender, insurer, occupancy, and number of units.

Ontario-specific. Consent or release that may be required where a property is a matrimonial home, even if the spouse is not a registered owner.

Ontario-specific. A set of mortgage terms filed in the land-registration system and incorporated into a registered charge by reference.

A closing document calculating the balance due after adjusting for deposits, taxes, rents, condominium fees, fuel, and other items.

Ontario-specific. A condominium corporation document containing prescribed information about the corporation and unit, including common expenses, reserve fund, insurance, legal proceedings, and liens or arrears.

See mortgage stress test.

An agreement by which one creditor postpones its priority to another creditor.

A plan prepared by a surveyor showing boundaries, buildings, easements, and encroachments. Title insurance has reduced but not eliminated the need for surveys.

A mortgage funded by two or more lenders or investors. Ontario securities and mortgage-brokering rules may apply differently depending on whether the investment is qualified or non-qualified.

Unpaid property taxes. Municipal tax claims can have priority consequences and may lead to tax-sale proceedings.

Co-ownership where each owner holds a separate share that can generally pass through the owner’s estate rather than automatically to the other owners.

The period for which the mortgage contract, rate, and conditions are in force. At the end of the term, the unpaid balance must be renewed, refinanced, or repaid.

The legal ownership record for land and the interests registered against it.

Insurance covering specified title and transaction risks, such as certain defects, fraud, survey issues, and registration problems. Coverage and exclusions depend on the policy.

A lawyer’s review of the parcel register, instruments, ownership, mortgages, liens, easements, restrictions, and other title matters.

The percentage of gross household income required to cover qualifying housing costs plus other required debt payments.

Interest and applicable fees or charges over the relevant period, determined under disclosure rules and assumptions.

Toronto-specific; verify current rules. A municipal tax on residential properties declared or deemed vacant, subject to exemptions and annual declaration requirements. Outstanding amounts can complicate a sale or refinance.

Ontario-specific. The land-registration instrument used to convey ownership or another interest in land.

For some variable mortgages with fixed payments, the rate at which the payment no longer covers all interest due. The unpaid interest may increase the balance or trigger payment changes under the contract.

Ontario-specific. A designated account in which a brokerage, administrator, lawyer, or other regulated party holds money for others under applicable trust rules.

The process of evaluating the borrower, property, income, credit, loan structure, documents, risks, and compliance before approving and funding.

A mortgage that is not protected by borrower-paid or lender-paid mortgage default insurance.

Condominium term. The percentage or proportion allocated to a condominium unit for voting or common-expense purposes, as set out in the condominium documents.

Charging interest above the criminal rate or otherwise contrary to applicable law. The legal calculation can include certain fees and charges, not only the stated rate.

Possession delivered without occupants or tenancies, where required by the purchase agreement.

A mortgage whose interest rate changes with a reference rate. Depending on the product, the payment may remain fixed until a trigger point or may change with the rate.

A mortgage in which the seller finances part of the purchase price and takes mortgage security from the buyer.

Confirmation of employment status, tenure, compensation, and sometimes probation or likelihood of continuance.

A transaction that may be set aside because of fraud, preference, lack of authority, incapacity, or another legal defect.

The intentional relinquishment of a right or condition, such as waiving financing or inspection conditions in a purchase agreement.

Commercial/lender term. A credit facility used by a mortgage originator to fund loans temporarily before sale or securitization.

Ontario-specific. A court-enforcement instrument filed with the sheriff that can bind a debtor’s interest in land and affect a sale or mortgage.

A financing structure in which a new mortgage wraps around an existing mortgage. It is complex and requires lender consent and legal advice.

Municipal rules governing permitted uses, building form, density, parking, setbacks, and other development matters. Illegal or non-conforming use can affect value and mortgageability.

A municipal response concerning zoning classification, permitted use, work orders, or compliance, depending on the municipality and request. ---