Mortgage Terms Used by Dreyer Group Mortgages

We have put together some basic information on mortgage terminology, mortgage costs and some tips on how to make an informed decision on your mortgage needs.

There are 20 entries in this glossary.
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Term Definition
Ontario New Home Warranty Program

The Ontario New Home Warranty Plan Act provides that every vendor of a new home warrants it to be constructed in a workmanlike manner, free from material defects, fit for habitation, constructed in accordance with the Building Code, and also free of major structural defects.

Now known as Tarion. Most defects are covered for a period of one year from the date of completion or possession, but major structural defects are covered for up to seven years. Certain defects in materials, electrical, plumbing and heating, exterior cladding, and safety related defects are covered for two years. A major structural defect is defined as a defect in work or materials that results in the failure of the load-bearing portion of a building, or materially and adversely affects its load-bearing function or the use of the building for the purpose for which it was intended. Claims for construction defects are limited to a total of $100,000.00.
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About Dreyer Group

Dreyer Group is a member of the VERICO mortgage brokers network. We can help anyone nationwide, but we primarily serve BC residents in the lower mainland including Surrey, South Surrey, White Rock, Langley, Delta, Vancouver, North Vancouver, West Vancouver, Burnaby, New Westminster and Coquitlam. Dreyer Group Mortgages can provide mortgage solutions to US residents, non-residents, new immigrants and the rest of Canada. No matter where our clients are located, we are committed to providing the best mortgage rates and options in the marketplace.

About Verico

VERICO is a national mortgage brokers network. As an assembly of independently owned and operated mortgage brokers, VERICO brokers are comprised of the most trusted mortgage professionals in Canada that adhere to the highest standards of service based on professionalism, expertise and ethics. The VERICO Mortgage Network includes over 40 of Canada's most respected mortgage lenders and insurance suppliers.
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