Canada Mortgage and Housing Corporation (CMHC) - The Corporation of the Federal Government that provides mortgage insurance to lenders against borrower default, under the National Housing Act (NHA).
Closed and Open Mortgages - A closed mortgage agreement does not provide options for payout before the maturity date. A lender may permit early payout of a closed mortgage under certain circumstances but will charge a prepayment charge for doing so. An open mortgage provides you the flexibility for prepayment or a full payout at any time.
Closing Date - The date on which the sale of the property becomes final and the new owner takes possession.
Collateral Mortgage Charge - security is provided in favour of The Bank of Nova Scotia (carrying on business as “Scotiabank”), registered in first position priority on the land and building. The specific details of the mortgage loan are not included in the charge that is registered on the title to your home. A separate credit agreement contains the specific terms of the mortgage loan. This collateral charge may secure other debt besides the mortgage loan.
Condominium - A form of ownership in which the owner has title to a dwelling unit and owns a share of the common elements (such as elevators, hallways and the land).
Conventional Mortgage Charge - (in Quebec, an immovable hypothec): security is provided in favour of Scotia Mortgage Corporation (SMC), a wholly owned subsidiary of Scotiabank, registered in first position priority on the land and building. The specific details of the mortgage loan such as the amount, term and interest rate are included in the charge registered on title to your home. This conventional charge secures only the mortgage loan.