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CMHC |
Canada Mortgage and Housing Corporation, a Crown corporation that
administers the National Housing Act for the federal government and
encourages the improvement of housing and living conditions for
Canadians. CMHC is one of two sources for high-ratio mortgage
insurance.
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| Capped rate |
An interest rate with a pre-determined ceiling,
usually associated with a variable-rate mortgage. |
| Closed mortgage |
Locks you into a specific payment schedule. A
penalty usually applies if you repay the loan in full before the end
of a closed term. |
| Closing costs |
Costs in addition to the purchase price of a
property and which are payable on the closing date. Examples include
legal fees, land transfer taxes, and disbursements. |
| Closing date |
The date on which the sale of a property becomes
final and the buyer takes possession. |
| Conditional offer |
An offer subject to conditions such as loan
approval. |
| Condominium fee |
A fee paid by the condo owner that is allocated
to pay building expenses. |
| Conventional
mortgage |
A loan issued for up to 75% of the property's
appraised value or purchase price, whichever is
less. |
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Warren Pumyea
Keller
Williams Realty
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