The period of time required to repay a debt when making regular payments. In the case of a mortgage loan, an amortization is most often 15, 20, or 25 years.
A process for estimating the market value of a particular property.
A lending institution authorized by the Government of Canada through CMHC to make loans under the terms of the National Housing Act. Only Approved Lenders can negotiate mortgages which require mortgage loan insurance.
A legal document signed by a home buyer that requires the buyer to assume responsibility for the obligations of a mortgage by the builder or the original owner.