Common use of Mortgage Product Clause in Contracts

Mortgage Product. Any of the kinds of loans we offer with a fixed or variable interest rate, and an open term or a closed term, and which are secured by a mortgage on real estate. Open or closed term. If the mortgage gives you, at all times during the term of the loan, the right to prepay all of what is owed without a prepayment charge, the mortgage product is open. Otherwise, the mortgage product is closed. A Convertible term is closed. We sometimes use the words "limited prepayment" for "closed." Payout statement. This is a statement we issue that shows the amount that we project will be required to prepay all of what is owed on a given date. Posted interest rate. This is the yearly interest rate that we fix from time to time for loans for residential properties in Canada secured by mortgages or guaranteed by hypothecs for each mortgage product we offer and designated as our "posted rate" for each mortgage product.

Mortgage Product. Any of the kinds of loans we offer with a fixed or variable interest rate, and an open term or a closed term, and which are secured by a mortgage on real estate. Open or closed term. If the mortgage contract gives you, at all times during the term of the loan, the right to prepay all of what is owed without a prepayment charge, the mortgage product is open. Otherwise, the mortgage product is closed. A Convertible term is closed. We sometimes use the words "limited prepayment" for "closed." Payout statement. This is a statement we issue that shows the amount that we project will be required to prepay all of what is owed on a given date. Posted interest rate. This is the yearly interest rate that we fix from time to time for loans for residential properties in Canada secured by mortgages or guaranteed by hypothecs for each mortgage product we offer and designated as our "posted rate" for each mortgage product.