These are the standard terms and definitions used in Ontario mortgage contracts:
1st Mortgage: Is the first mortgage registered on the title of a property
2nd Mortgage: Second mortgage registered on the title of a property
3rd Mortgage: Third mortgage registered on the title of a property
Assignment of mortgage: Transferring of a mortgage from one lender to another
Charge of a Mortgage: Document that demonstrates there is a financial obligation registered against the title of a property
Chattel: Personal possessions, movable belongings and other assets not thought of as fixtures
Collateral Mortgage: Promissory note secured by a lien on real estate for the total amount available and may be different than the amount advanced
Conventional Mortgage: Mortgage not exceeding 80% of the value of the real estate
Discharge of Charge on a Mortgage: Document indicating a debt has been paid and removed from the title of a property
Down Payment: Amount of money supplied to the vendor from the purchaser not included in the mortgage
Equity Take-Out: Removal of equity by refinancing real estate
Interest Rate: Rate at which borrowing costs, a fee paid to the lender for providing money is derived
Mortgage: Providing of real property to a lender as security on a loan
Mortgagee: Is the lender
Mortgagor: Is the borrower
Payment: Periodic amount, required to be paid to the lender in relation to a mortgage contract
Personal Property: Everything owned that is not real property typically not fixed in its location – see Chattel
Real Property: Land and buildings located on it that are permanent
Self-Insured Lender: Mortgage lender that does not use standard default insurance but charges a similar to what one would pay for default insurance.
Standard Charge Terms: Terms and Conditions of the mortgage contract, such as legal procedures available to the lender regarding default
Term: Amount of time before the mortgage agreement must be paid back or renegotiated
Title: Term that refers to the ownership of a property and includes details of everyone having a financial interest in the property registered at the Land Titles Office