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Mortgage Glossary

Amortization Period

The length of time it takes to pay off a mortgage. Typically with a new mortgage the amortization period is 25 years, but it can vary.

Closed Mortgage

With a closed mortgage, a holder would encounter penalties if they refinance or pay the mortgage off early.

Closing Costs

Expenses paid to close a property purchase or sale, such as land transfer tax, real estate commission and other legal fees.

Down Payment

The amount of money, including deposit, you can put towards the purchase of a home or property. Minimum down payments range from 5% to 20%.


First Home Savings Account: A registered plan designed to help you save for your first home, tax-free.

Fixed-Rate Mortgage

A mortgage with a fixed interest rate that remains constant throughout the entire mortgage term.


Home Equity Line of Credit: A secured form of credit where a lender uses your home as a guarantee that you'll pay back the money you borrow.

High Ratio Mortgage

A mortgage loan higher than 80% of the lending value of the property. This type of mortgage requires mortgage insurance and may incur other costs.

Maturity Date

The date when your mortgage term ends. This is when you either renew your mortgage for a new term or pay it off completely.


A type of loan used to purchase real estate in which the borrower agrees to pay the lender over time, with the property serving as collateral to secure the loan.

Mortgage Default Insurance

This insurance protects lenders when borrowers can't replay their mortgage. You need this insurance if you have a high-ratio mortgage.

Mortgage Term

A term is how long you commit to your mortgage rate, details and conditions with a lender. When a term ends, you pay off the mortgage or renew it for another term.

Open Mortgage

With an open mortgage, a holder can pay off the entire mortgage balance at any time without penalties.


A transaction that replaces an existing mortgage with a new one, on different mortgage terms. In some cases, prepayment charges apply.


When a mortgage term ends, you may negotiate another term with your lender. If you don't renew, you must pay it off in full.

Variable Rate Mortgage

A mortgage with an interest rate that fluctuates with the prime rate, meaning your payments could go up or down if market conditions change.

Buying a Home
Buying a Home

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Tandia Mortgage Match

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Fall in love with your mortgage when you finance with Tandia! Our 5-year fixed high ratio mortgage at 4.89%* is your perfect mortgage match. Whether shopping for a new home or looking to renew your current mortgage, you’re in great hands with Tandia. With the right connection – you too can love your mortgage.

*O.A.C. 4.89% is the regulatory Annual Percentage Rate if there is no cost of borrowing other than interest and is based on blended payments of principal and interest. Legal and appraisal fees may apply. Interest is calculated half-yearly, not in advance. A high ratio mortgage is applicable where a borrower places a down payment of less than 20% of the purchase price of a home. Additional premiums may apply in cases of a refinance, extended amortizations, non-owner occupied, or other instances where application details may warrant it. Some restrictions apply. Rate is subject to change without notice.


Welcome to an easy-going life with a Tandia Mortgage

Here at Tandia, we’re proud to offer a comfortable mortgage experience and at a pleasantly low rate. We will work with you to ensure that your home financing suits your unique needs, while allowing the flexibility you want for the future.

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