Mortgage Glossary

 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

 
 
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Rate Hold Period

The number of days the lender will guarantee the mortgage rate on a mortgage pre-qualification or mortgage pre-approval. This will vary between lenders and between mortgage product types, but the typical range is between 30 and 120 days.

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Recourse

The legal right to demand compensation or repayment.

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Registration Fees

Fees paid to registry offices run by provincial governments for recording a title transfer, mortgage registration or other instrument such as a Lien. These fees are part of those pesky closing costs for obtaining a Mortgage. 

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