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Margin of Safety [back to top]
The excess of equity at fair market value above the outstanding amount of the loan.
Matrimonial Home [back to top]
Any property in which a person has an interest and that is or has been occupied by the person and their spouse as the family residence; matrimonial homes include condominiums, co-operatives, and leasehold interests.
Maturity Date [back to top]
The last day of the term of the mortgage agreement; a mortgage loan must then be paid in full or the agreement renewed by this date.
Mortgage [back to top]
The legal pledge of real estate as security for a loan.
Mortgage Bond [back to top]
A bond that is issued by corporations and secured by a mortgage on their property.
Mortgage Broker [back to top]
A registered agent who negotiates with lenders on behalf of a borrower to obtain the best overall mortgage for that borrower's circumstances. Mortgage Brokers are particularly useful in financing "non standard" situations which cannot be funded by a major national lender. This is possible because a Mortgage Broker has access to lenders who do not advertise nationally or operate retail locations.
Mortgage Commitment [back to top]
A formal indication by a lending institution that it will grant a mortgage loan on property, for a specified amount, based on specified terms.
Mortgage Debenture [back to top]
A mortgage debenture is the same as a mortgage bond.
Mortgage Insurance [back to top]
If the down payment is less than 25% of the purchase price of the property, the lender is will require either private mortgage insurance or public mortgage insurance through Canada Housing and Mortgage Corporation (CMHC) or GE Capital. The fee is calculated as a percentage of the mortgage; known as "default insurance".
Mortgage Insurance Premium [back to top]
An insurance premium which is added to the mortgage and paid by the borrower over the life of the mortgage. The mortgage insurance insures the lender against loss in case of default by the borrower.
Mortgage Life Insurance [back to top]
A form of insurance recommended for the borrower; in the event of the death of the owner(s), the insurance pays the balance owing on the mortgage. The intent of mortgage life insurance is to protect survivors from losing their home.
Mortgage Loan [back to top]
An agreement by which a sum of money is borrowed and a promise to repay is given by a mortgagor, and as a further security, the mortgagor gives the mortgagee a conveyance on the property they own (a promissory note executed in favor of the lender giving them an encumbrance or lien on the mortgagor's property).
Mortgage Note [back to top]
A promissory note executed in favor of the lender giving him an encumbrance or lien on the borrower's property. The mortgagor is usually liable on this type of note.
Mortgage Portfolio [back to top]
Several mortgages held by a mortgagee, lender or broker.
Mortgage Postponement [back to top]
The process where a mortgagee may permit the mortgagor to renew or replace an existing mortgage that falls due prior to the maturity date.
Mortgage Underwriter [back to top]
A mortgage lender or broker who approves or turns down loan applications based upon the quality of the real property, credit-worthiness and ability to pay according to the guidelines of the lender with regard to ratio of mortgage loan to value of property.
Mortgagee [back to top]
The "lender" of a mortgage loan.
Mortgagee In Possession [back to top]
A mortgagee in possession is that where one enters into actual occupation of, or by obtaining the receipt of the rents of, the mortgaged premises.
Mortgaging Out [back to top]
A term used when a mortgage exceeds the current value of the property on which it is secured.
Mortgagor [back to top]
The mortgagor is the "borrower".
Multiple Listing Service (MLS) [back to top]
A service of a local Real Estate Board which publishes and exchanges details of properties registered with them. The majority of properties sold in Canada are sold through the local MLS.
Municipal Levies [back to top]
A levy charged by a municipality to recover the cost of special services, if these services cannot, for some reason, be funded out of general revenues, or apply primarily to homebuyers (e.g. water meter installation, road and sewer improvements)