There are 3 names in this directory beginning with the letter S.
This is typically a residence that a borrower intends to occupy in addition to a primary residence during parts of the year. Secondary home uses can be: Vacation home (cottage), residence for an aged parent requiring additional care, residence for a child studying at a tertiary educational institution etc. A secondary home cannot be rented out or treated as an investment property.
Standard Charge Terms
These are all the terms and conditions regarding borrowing and repaying money when real estate is used as collateral. The terms define what a member agrees to when obtaining mortgage financing from a mortgage lender. The Standard Charge Terms provide definitions for the legal and banking terms, describes rules for repayment including prepayment provisions and default actions and what the borrower and lender promise to do under the agreement. It is a legal document that must be provided to all borrowers when obtaining a mortgage. If the mortgage is closed with a lawyer, the lawyer will provide the borrower with a copy. This document(s) is referenced in the Mortgage Commitment but is not provided to the borrower at the time the mortgage is approved by the lender. Since it is a legal document the borrower is to seek independent legal advice from a lawyer.
A mortgage switch or transfer is when a mortgage is either moved to a new lender or kept with the current lender on the maturity date and only the term and/or interest rate is changed. Not all mortgages and neither mortgage products from all mortgage lenders are eligible to be classified as a Switch.