Use the List below to go to the Terms you are searching for. Also known as the renegotiable rate mortgage, the variable rate mortgage or the Canadian rollover mortgage. This rate is likely to be higher than the stated note rate. This rate or advertised rate on the mortgage, because it takes into account points and other credit costs. Assuming a loan can save the buyer money since this is a existing mortgage debt, unlike a new mortgage where closing cost and new possibly higher, market rate interest charges will apply.
Brokers usually charge a fee or receive a commission for their services.
While the payments are initially low, they will increase when the sudsidy expire. Also called settlement. The lender advances funds to the builder at periodic intervals as the work progresses. See housing expenses to income ratio. This can lead to foreclosure.