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.

 

mortgage glossary

 

 

 

 

 

 

 

 

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

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Home Buying Defining Financial Terms

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Home Buying Defining Financial Terms

In the video Home Buying Defining Financial Terms, the Canadian Real Estate Association of Canada explains what the amortization period is. #FinancialLiteracyMonth


Home Buying Defining the Financial Terms

 

 

 

 

 

November is Financial Literacy Month and Trusterra Mortgage is here to spread the word about it.  When home buying defining financial terms is on your mind it is always important to seek all avenues of information and resources that are available across the world wide web and more importantly from industry professionals, such as #MortgageBrokers, MortgageAgents, #Realtors, and others.

At the federal level you can find more information about this initiative from the Financial Consumer Agency of Canada. You can also search for hashtag #FLM2014.

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Financial Literacy Month

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November is Financial Literacy Month

The Government of Canada has declared November to be Financial Literacy Month (FLM). On it’s national governing agency’s web site the Financial Consumer Agency of Canada FCAC states that “Financial literacy means having the knowledge, skills and confidence to make responsible financial decisions.”

Financial Literacy Month

More than ever more Canadian individuals and families are finding themselves in deeper levels of debt, making them sometimes feel lonely and helpless. The Canadian Government in its commitment to help Canadians manage or avoid debt, have created this month to be focused on education, financial knowledge creation and personal empowerment to take control of their financial future and health.

This years theme for Financial Literacy Month is Strengthening Financial Literacy through Collaboration. The Financial Consumer Agency of Canada emphasizes “the importance of coordinating efforts of organizations that offer programs, resources, information and services to help Canadians understand and manage their personal finances.”

In our commitment to Financial Literacy Month we will be sharing throughout the month information and resources about financial literacy. Make sure to return here regularly and check out our blog postings. We will also be active on our social media sources. You can follow us by clicking on our social media links above; including Google+, Facebook, Twitter, and many more (see above).

Remember that there is help available should you be stuck in a difficult place with debt management or other personal financial matters. Below are some links that you may find helpful:

Financial literacy self-assessment quiz

Find out how your money management skills measure up

Financial Goal Calculator

Use the Financial Goal Calculator to create a realistic plan to:
  • get out of debt
  • save for retirement
  • save for other priorities, such as education, a down payment, a vacation, an emergency fund and more.

Budget Calculator

Good budgeting and money management are the foundation for putting your finances on solid ground. Financial goals can be anything from saving for a purchase to paying down debt to saving for retirement.

Canadian Association of Credit Counselling Services

Helping Canadian’s establish a culture of responsible financial behaviour.

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