Mortgage

A loan secured against real property used to finance a home purchase in Canada. The borrower (mortgagor) pledges the property as collateral to the lender (mortgagee) and agrees to repay the principal plus interest over the amortization period within the mortgage term. Canadian mortgages are unique: they come in terms (typically 1–5 years) that must be renewed, meaning the interest rate is renegotiated periodically regardless of the amortization period. Mortgage documents are registered on title through Teraview in Ontario.