Real Estate Glossary

Real Estate Law Glossary

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There are currently 10 names in this directory beginning with the letter M.
Maturity Date
The date when the mortgage must be either paid in full or another term negotiated through a renewal agreement. Also called Balance Due Date.

A loan secured against your home (and property). You agree to repay the full amount of the loan, plus interest.

Mortgage Approval
Written approval from the mortgage lender, indicating how much money will be advanced under the mortgage and what conditions must be met for the mortgage. Also called Commitment Letter.

Mortgage Broker
A person who, for a fee that is usually paid by the lender, can help you arrange a mortgage.

Mortgage Commitment
A document setting out that a lender has agreed to lend a buyer a certain amount of money at a certain rate of interest for a specific period of time. It may contain conditions and a date by which the loan must close.

Mortgage Insurance
Government-backed or private-backed insurance protecting the lender against the borrower's default on high ratio (or other types) of mortgages (e.g., Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Inc.).

Mortgage Lender
The mortgage lender provides money for purchase in return for getting a mortgage or charge on the land and future interest/payments.

The lender.

The borrower.

Multiple Listing Service (MLS)
A system for relaying information to Realtors about properties for sale.