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Home > Learning Center > Glossaries > Mortgage Terms Glossary
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Mortgage Explained - Mortgage Terms & Glossary!
 
Getting & applying for a mortgage loan has become so familiar, that everyone know and have an idea about it.. For more & in depth information you may scroll  through our online mortgage dictionary. eLoanCanada is pleased to offer its Learning Center with variety of educational articles & a comprehensive knowledge-base to help you navigate through the world of personal finance.
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Sales Agreement - Second Mortgage - Security - Semi-monthly Payments - Single Family - Structural Improvements - Survey - Sweat Equity


Sales Agreement - Contract signed by buyer and seller stating the terms and conditions under which a property will be sold.

Second Mortgage - An additional mortgage placed on a property that has rights that are subordinate to the first mortgage. A second mortgage is a lien in which you are given a lump sum amount that you pay off in installments over a specified period of time. Home improvement and debt consolidation loans are considered second mortgages.

Security - This refers to the address of the property being pledged as security for your loan.

Semi-monthly Payments - Payments are taken twice a month, usually on the 1st and the 15th. Payments are one half of the monthly amount. Less aggressive at attacking principle than a bi-weekly payment method.

Single Family - A residence that houses one family.

Structural Improvements - A "Structural Improvement" is any permanent improvement made to your property that is not strictly for decorating purposes. Examples include: additions, new flooring, kitchen or bathroom upgrades, new windows and central air. Swimming pools are considered structural improvements only if they are in ground and your property is in a year round warm weather climate.

Survey - A mortgage survey is a bird's eye sketch of your property that shows the boundary lines of your lot, and details any encroachments between you and your neighbors.

Sweat Equity - Value added to a property in the form of labour or services by the owner rather than by cash.
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