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GLOSSARY OF MORTGAGE TERMS

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OFFER OF PURCHASE:
THE DOCUMENT THAT OUTLINES THE TERMS OF THE PURCHASE AND THE CONDITIONS INCLUDING THE PRICE.

OPEN MORTGAGE:
A MORTGAGE WHICH IS OPEN FOR REPAYMENT WITHOUT AN INTEREST PENALTY AT ANY TIME.

OWNER-OCCUPIED: THE PURCHASER/OWNER MUST LIVE IN THE PROPERTY THAT IS MORTGAGED.

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Glossary of Terms
   

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