No Money Down Mortgage
Definition
- A true 100% mortgage financing product that is available in Canada. This type of mortgage generally has a higher interest rate.
Synonyms
zero down mortgage, 100% financing, one-hundred percent financing
Related Terms and Acronyms
- Cash Back Mortgage — Definition, Important,
- A mortgage that provides the borrower a lump sum cash payment.
- Creative Financing — Definition,
- An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
- Credit Score — Definition,
- Also referred to as a 'Beacon Score' is a number, between 300 and 900, that reflects a person's credit history. Lenders calculate this number using a computer system as part of the process for assigning rates and terms to the loans they grant.
- Low-down Mortgages — Definition, Important,
- Mortgages with a low down payment, usually less than 10 percent.
- Low-down-payment Loan — Definition,
- A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgage Brokerage — Definition, Very Important,
- An individual or group who brokers deals between their clients and lenders.
➥ CanEquity is a mortgage brokerage. - Mortgage Insurance — Definition, Very Important,
- Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
- A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
➥ CanEquity offers mortgage insurance. - Mortgage Lender (ML) — Acronym, Very Important,
- A lender that offers mortgages, often through a mortgage broker.
➥ Used internally by mortgage brokers and mortgage lenders. - Mortgage Rate — Definition, Very Important,
- The interest rate on a mortgage loan.
➥ You can compare mortgage rates using this website by clicking 'Rates' above. - Private Lender — Definition,
- A lender not associated with a traditional lender.
- Zero Down Mortgage — Definition,
- A mortgage product that allows the borrower to financing 100% of their property.
