What is a Mortgage?
A Loan Secured by Real Property. (Loan is money lent, Secured is guaranteed against something, and Real Property is Immovable property, or the rights associated with Fee Simple.)
the land that your home sits upon, can’t actually be owned by anyone in Ontario, because all land in Ontario is owned by the Crown, however you can own a right to use that property with certain limitations.
What is a Mortgage Agent/Broker?
A Mortgage Agent/Broker is a person or team of people who help to find a solution for a borrower or Mortgagor that fits their needs, while also working to ensure that they are finding a client that meets the needs of their lender or Mortgagee.
The Mortgage Contract
Is the document that contains the covenants that is attached to the Title of the property
The Borrower Agrees to
- Repay the loan
- Insure the property
- maintain the property
- not to commit to waste
- pay the property taxes on time
- follow all of the terms of the Standard Charge Terms
The Lender Agrees to
provide a certificate of discharge, the borrower must have this document to register the certificate against the title.
the mortgagor has the right to request that the mortgage be assigned to another lender.
provide quite possession of the property