Glossary

All | A C D E H I L M P R S T
There are 2 names in this directory beginning with the letter T.
Term
“Term” is not to be confused with American mortgages that only have a term since the term is the amortization period. Canadian mortgages have a term and an amortization period and they are very different from each other. The mortgage term is the length of time you are under contract with your current lender. Your mortgage contract or commitment stipulates your mortgage interest rate, terms & conditions etc. There can be significant costs to the borrower if the contract is violated during the mortgage term. Once the term matures the borrower is able to look for a new mortgage with a different lender, terms & conditions etc or they can simply pay off their mortgage without incurring any penalties. Mortgage term lengths typically vary between 6 months to 10 years.

Title
This is a legal term meaning the registered owner of a real property.