Debt Coverage Ratio
The percentage of the borrower's income used for monthly payments of principal, interest, taxes, heating costs and condo fees (if applicable).
Declaration of Trust
An acknowledgement by one holding title to property (mortgage) that he or she holds it in trust for the benefit of someone else.
The granting of land by the owner for some public use and its acceptance for such use by authorized public officials.
A legal document in writing, duly executed and delivered, that conveys title or an interest in real property.
Failure to fulfill contractual obligations.
A court order to pay the balance owed on a loan or mortgage if the proceeds from the sale of the security are insufficient to pay off the loan.
A monetary settlement by a mortgage lender or insurer where the net proceeds under a Power of Sale or Judicial Sale is less than the mortgagee's total claim.
A letter sent by the mortgagee to the mortgagor demanding immediate payment of all arrears, together with costs.
Discharge of Mortgage / Charge
A legal document executed by the mortgagee, and given to the mortgagor when a mortgage loan has been repaid in full releasing him or her from all obligations and covenants contained in the mortgage.
A written statement by lenders disclosing information about a specific loan as may be required under various consumer protection acts.
1. The sale of a mortgage for less than the principal balance thereby affecting an increase in the percentage of interest paid on the investment. 2. In appraising, the valuation of the present worth of an income stream at a specific interest rate.
The estate which derives benefit from an easement over a servient tenement, as in a Right-of-way.