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Mortgage Loan Glossary

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Capped rate mortgage loan

A type of mortgage loan that has a rate that fluctuates with the market's prime rate. And it's capped, meaning it can never fluctuate above a set rate. So at one point while you have a capped rate mortgage loan, your rate could be 5% for example, and at another point it could go up to 5.25%. But say your rate is 'capped' at 5. 25% - that will mean your rate can't ever rise higher than that 5.25%.

Cash-back mortgage loan

A cash-back mortgage loan is a type of mortgage loan that will get you cash-back from your mortgage loan lender. For example, if you get a $100,000 mortgage loan and your lender offers you 5% cash back, you would receive $5,000 cash from your lender.

Closed mortgage loan

A closed mortgage loan is a type of mortgage loan that you would have to pay some penalties to make prepayments on, or pay out.

Closing costs

Closing costs are costs you could have at the closing of your mortgage loan (when you sign your mortgage loan contract). Mortgage loan closing costs can include broker fees, lender fees, mortgage loan registration fees, disbursement fees and land transfer taxes,

Commercial mortgage loan

Commercial mortgage loans are mortgage loans that you can get for your small or large commercial real estate.

Commercial real estate

Commercial real estate includes (but isn't limited to) the following:

  • Apartment buildings (12 living-units and up)
  • Condominiums
  • Office buildings
  • Skyscrapers
  • Mixed-use buildings
  • Industrial/manufacturing buildings

Constant payment mortgage loan

A constant payment mortgage loan is a type of mortgage loan that you pay off with equal payments. Your mortgage loan payments won't go up and down, or down and up - they'll always stay the same amount.

Constant mortgage loan payments

Constant mortgage loan payments are payments that are equal - they're all the same size as each other (just like rent payments).

Conventional mortgage loan

A conventional mortgage loan is the plain vanilla type of mortgage loan you can get when you make a down payment of 25% or more of your real estate's value.

Convertible rate mortgage loan

A convertible rate mortgage loan is a type of mortgage loan that lets you convert/change from having an adjustable mortgage loan rate to having a fixed mortgage loan rate any time you want. So at one point while you have a convertible rate mortgage loan it can have an adjustable rate - a rate that will go up and down along with the economy's prime rate (see the adjustable rate mortgage loan). And later on when you choose to 'convert' that adjustable rate to a fixed rate - your convertible rate mortgage loan will have a rate that will stay the same (see the fixed rate mortgage loan).

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