Mortgage Glossary

Mortgage Glossary

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Mortgage glossary – terms that you will like to know about

In the spirit of November’s Financial Literacy Month #FLM2014, we share with you Genworth Canada’s mortgage glossary, where you can search for all the main mortgage terms that come up in documents from banks and other lenders when getting a mortgage.

It can be confusing and intimidating when confronted with so many different strange or unfamiliar words that are not used in day to day conversation. The mortgage glossary can help alleviate this anxiety.

Sit down, relax, and enjoy your cup of coffee with a nice read through the Genworth Canada mortgage glossary page. Review the mortgage glossary of common phrases that new buyers need to know. Here’s an A-Z guide to the key mortgage jargon. Learning more mortgage terms will help you also when its time to purchase your home as you will be able to better understand your realtor. Even if you’re not ready yet to buy a place, but are starting to do research and check out the Bank web sites and the MLS, the mortgage glossary can help you navigate the world of financial and real estate vocabulary.

Here are some examples of words that can be found in the Genworth Canada Mortgage Glossary:

Closed mortgage

A mortgage that discourages prepayment privileges (making extra payments beyond the agreement terms, to pay your mortgage off faster). Closed mortgages allow prepayment privileges of no more than 10% of your mortgage each year.

Open mortgage

If you want to pay off your mortgage faster, you can make as many “extra” payments of any amount as you wish, with no penalty. “Extra” payments are called prepayment.

 

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To learn more about Genworth Canada, visit their web site at http://homeownership.ca.

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Self Employed Mortgage

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A Self Employed Mortgage can be the write lending option

A self employed mortgage could be right, for example, if you own a business or work independently as a contractor. It has always been a known fact that self employed mortgages are hard to come by and once found difficult to get approved for. But that does not necessarily have to be the case.

Another issue for self employed individuals who are looking for a self employed mortgage product is how much down payment they can afford to provide the lender. With the readiness and availability of mortgage default insurance it has made it available now for self employed individuals to get approved for a mortgage with less than 20% down payment.

Working with a Mortgage Broker or Mortgage Agent is of great benefit for self employed individuals as these professional’s offer one-on-one service and work with the individuals on finding a self employed mortgage that is suitable for their unique situation and needs.

One example of a mortgage default insurance provider here in Canada is Genworth Canada, and one of their insurance products they offer through the lending institutions is their Business For Self program.

Have a look at this recent article we provided about them:

 

sefl employed mortgage

 

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