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.
Search for glossary terms (regular expression allowed)
Begins with Contains Exact term Sounds like
All | A | B | C | D | E | I | M | O | P | R | S | T

P

Term Definition
Payment frequency options

You will often have the choice of making payments on your mortgage on a monthly, semi-monthly, bi-weekly or weekly basis. Increasing the payment frequency, i.e., bi-weekly instead of monthly, can shorten the amortization of your mortgage and save you a considerable amount of interest.

By law, all mortgages in Ontario are registered as having monthly payments. Any change to this is done by an amendment to the mortgage. This amendment is a privilege and can be revoked in the event of failure to make payments.

Portable

If you have a good mortgage rate and a number of years remaining on your term, you may want to take your mortgage with you to a new home when you move. This can be done if the mortgage is portable. The property you are moving to will have to be reviewed and approved by the lender before you can "move" the mortgage to the new property.

Pre-authorized chequing/debit

In this computer age, mortgage payments are normally made by pre-authorized chequing or debit where the lender takes your regular monthly, semi-monthly, bi-weekly, or weekly payment out of a predetermined bank account automatically.

Prepayment privileges

These prepayment privileges allow you to make extra lump sum payments, double your payments or increase your regular payments. Prepayment privileges vary from lender to lender. If you want to be able to pay your mortgage off quickly, check the flexibility of your prepayment privileges.

Glossary 2.64 is technology by Guru PHP

Green Hosting

green powered web site

Corporate Office

#308 - 15252 32nd Avenue
South Surrey, BC  V3S 0R7
Telephone: 604.536.3802

(For all correspondence)

Verico Broker Network

verico broker network partner

Member AMP

think mortgage think amp

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.
Plan
Dreyer Group Logo