eLoanCanada.com
#1 Canadian Loan & Credit Services Online
Canadian Loans by Province
Alberta Canada
British Columbia Canada
Manitoba Canada
New Brunswick Canada
Newfoundland Canada
Northwest Territories Canada
Nova Scotia Canada
Ontario Canada
Prince Edward Island Canada
Quebec Canada
Saskatchewan Canada
Yukon Territory Canada
Nunavut Canada
Canada
Alberta
BC
Man.
NB
NFL
NWT
NS
Ontario
PEI
Quebec
Sask.
Yukon
Nun.
Mortgages
Personal Loans
Payday Loans
Credit Cards
eLoanCanada is a source for all types of loans available to Canadian residents and Canadian businesses. It is designed according to the desire of a online loan seeker, Our Loans directory includes all the provinces and cities of Canada and Our education center covers all the necessary information on the major types of loans like Mortgages, Payday Loans, Personal Loans, Credit Cards, Auto Loans, Small Business Loans, Student Loans, Home Loans, Bad Credit Loans, Loan Consolidation, Canadian Banks and Canadian Credit Reports. We add new loan lenders and loan articles daily, so make sure you bookmark our site.
Highlight >
Apply Today!
eLoanCanada will best match your loan need!
Featured Partner
Global Quote
Auto Mortgage Calculator
Auto Mortgage Calculator
Auto Mortgage Calculator
Auto Mortgage Calculator
Financial Resources
Financial Tools
Apply Loan Online
Directory Canada
Auto Mortgage Calculator
Auto Mortgage Calculator
Learning Center
Auto Mortgage Calculator
Auto Mortgage Calculator
Auto Mortgage Calculator
Loan Directory
Home
Home > Learning Center > Glossaries > Mortgage Terms Glossary
Francais
Student Loans
 
Loan Canada
 
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.
Auto Loans
Learning Center

Mortgage Terms Glossary - T

eLoanCanada! an informed  choice  about  which  loan  is  best suited for you!
Share
Auto Mortgage Calculator
Loan Products
Apply Your Loan Online Now! Loans Available to Canadian Residents & Businessmen!
Apply Your Loan Online Now! Loans Available to Canadian Residents & Businessmen!
Confused By The Mortgage Terms and Definitions? Get The Answers Here!
 
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
 
.
T
Tax Lien - Tax Sale - Term - Third Party Fees - Title - Title Fraud - Title Insurance - Title Search - Total Debt Service Ratio - Total Payments - Trans Union - Transfer Tax - Trustee


Tax Lien - Claim against a property for unpaid taxes.

Tax Sale - Public sale of property by a government authority as a result of non-payment of taxes.

Term - In a mortgage, "term" is the actual length of time for which the money is loaned, at that particular rate of interest. After the term expires, you can either repay the balance of the principal then owing or renegotiate the mortgage at current rates and conditions.

Third Party Fees - Fees paid to a third party for services requested by the lender on your behalf.

Title - Document that gives evidence of ownership of a property. Also indicates the rights of ownership and possession of the property. Individuals who will have legal ownership in the property are considered "on title" and will sign the mortgage and other documentation.

Title Fraud - It occurs when a fraudster changes the ownership or title of a property into his/her or another name in order to sell or refinance the property. See other frauds related to mortgages; Mortgage Fraud and Value Fraud.

Title Insurance - Title insurance protects a lender against any title dispute that may arise over a particular property. It is required to close on your home. You may also purchase owner's title insurance which protects you as the homeowners.

Title Search - Examination of local real estate records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

Total Debt Service Ratio (TDSR) - This calculation compares monthly income to housing costs (same as GDSR) plus payments on lines of credit, credit cards and other debt. Housing costs plus debt payments shouldn’t exceed 40 per cent of income.

Total Payments - This is the total amount you will have paid over the life of the loan for principal, interest and prepaid finance charges, assuming you keep the loan to maturity and made only the required monthly payments.

Trans Union - One of the two major credit bureaus in Canada.

Transfer Tax - Tax paid when title passes from one owner to another.

Trustee - A fiduciary who holds or controls property for the benefit of another.
TOP
Learning Center
 Articles »
Related Feed
Ads by AdGenta.com
About Us  |  Contact Us  |  Privacy Statement  |  Terms and Conditions  |  Acknowledgements  |  Sitemap
©2005-2007 eLoanCanada.com All Rights Reserved. Web's Premier Resource For Loan Canada! Credit Help Mortgage Terms & Glossary.