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    ment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the ch

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    When you obtain a mortgage from a bank or other mortgage provider, you will decide what terms your mortgage will have once it is registered against the property you are mortgaging. You will typically sign a form that contains an agreement to these terms and formal documentation will be forwarded to your lawyer so that your lawyer may prepare the mortgage document accurately. The following is a list of common mortgage terms. Please note that charge and mortgage are interchangeable terms.

    Amortization Period: the amount of time that it will take the principal amount of the mortgage, at the current rate of interest, to be repaid in full (usually 20 or 25 years)

    Amortization Schedule: a schedule showing each payment to be made under the mortgage for the entire term of the mortgage, how much of each payment is applied to principal and to interest and the balance owing following each payment

    Balloon Payment: the final amount of the mortgage that must be repaid to the chargee at the end of the term (this amount may also be renegotiated for another term)

    Charge/Mortgage of Land: a document that details the loan given to a land owner and that, once registered, conveys an interest in the land secured by the Charge/Mortgage of Land to the Chargee

    Chargee: the bank or other mortgage lender

    Chargor: the land owner who has arranged the mortgage (or charge)

    Closed Mortgage: a mortgage that cannot be repaid in full prior to the end of the specified term, without payment of a penalty, as determined by the Standard Charge Terms

    Discharge: once a mortgage has been paid in full, a discharge is registered against the property, effectively removing the mortgage as an encumbrance against the property

    Interest Adjustment Date: Mortgage payments are often arranged for the 1st or 15th of each and every month. When mortgage monies are advanced on a day other than the pre-arranged day for mortgage payments, an adjustment for interest must be made between the day of advance and the day of the pre-arranged payment. This is known as the interest adjustment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the cha

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    unt of time that it will take the principal amount of the mortgage, at the current rate of interest, to be repaid in full (usually 20 or 25 years)

    Amortization Schedule: a schedule showing each payment to be made under the mortgage for the entire term of the mortgage, how much of each payment is applied to principal and to interest and the balance owing following each payment

    Balloon Payment: the final amount of the mortgage that must be repaid to the chargee at the end of the term (this amount may also be renegotiated for another term)

    Charge/Mortgage of Land: a document that details the loan given to a land owner and that, once registered, conveys an interest in the land secured by the Charge/Mortgage of Land to the Chargee

    Chargee: the bank or other mortgage lender

    Chargor: the land owner who has arranged the mortgage (or charge)

    Closed Mortgage: a mortgage that cannot be repaid in full prior to the end of the specified term, without payment of a penalty, as determined by the Standard Charge Terms

    Discharge: once a mortgage has been paid in full, a discharge is registered against the property, effectively removing the mortgage as an encumbrance against the property

    Interest Adjustment Date: Mortgage payments are often arranged for the 1st or 15th of each and every month. When mortgage monies are advanced on a day other than the pre-arranged day for mortgage payments, an adjustment for interest must be made between the day of advance and the day of the pre-arranged payment. This is known as the interest adjustment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the ch

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    otiated for another term)

    Charge/Mortgage of Land: a document that details the loan given to a land owner and that, once registered, conveys an interest in the land secured by the Charge/Mortgage of Land to the Chargee

    Chargee: the bank or other mortgage lender

    Chargor: the land owner who has arranged the mortgage (or charge)

    Closed Mortgage: a mortgage that cannot be repaid in full prior to the end of the specified term, without payment of a penalty, as determined by the Standard Charge Terms

    Discharge: once a mortgage has been paid in full, a discharge is registered against the property, effectively removing the mortgage as an encumbrance against the property

    Interest Adjustment Date: Mortgage payments are often arranged for the 1st or 15th of each and every month. When mortgage monies are advanced on a day other than the pre-arranged day for mortgage payments, an adjustment for interest must be made between the day of advance and the day of the pre-arranged payment. This is known as the interest adjustment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the ch

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    Discharge: once a mortgage has been paid in full, a discharge is registered against the property, effectively removing the mortgage as an encumbrance against the property

    Interest Adjustment Date: Mortgage payments are often arranged for the 1st or 15th of each and every month. When mortgage monies are advanced on a day other than the pre-arranged day for mortgage payments, an adjustment for interest must be made between the day of advance and the day of the pre-arranged payment. This is known as the interest adjustment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the ch

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    ment date.

    Interest Rate: annual percentage of the principal amount borrowed that the chargor must repay to the chargee, in exchange for the right to use the principal amount borrowed for a set length of time

    Maturity Date: the date on which the balance owing under the mortgage must be either repaid to the chargee or renegotiated for another term

    Open Mortgage: a mortgage that can be repaid before the end of the specified term

    Principal: the amount of money borrowed by the chargor (or given by the chargee), which the chargor must pay back to the chargee

    Priority: the status of the mortgage (first, second, third, etc.) as determined by the date of registration

    Standard Charge Terms: terms that set out the rights and obligations of the chargor and chargee

    Term: the length of time that the chargor is entitled to use the mortgage funds, during which time, regular mortgage payments are made and, at the end of which the total balance owing must either be repaid to the chargee or renegotiated for another term (usually anywhere from 6 months to 7 or 10 years).

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