GLOSSARY OF MORTGAGE TERMS
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REFINANCING:
RENEGOTIATING YOUR EXISTING MORTGAGE AGREEMENT. MAY INCLUDE INCREASING THE PRINCIPAL OR PAYING OUT THE MORTGAGE IN FULL.
REGISTERED MORTGAGE:
THE MORTGAGE DOCUMENT THAT IS REGISTERED IN THE LOCAL REGISTRY OFFICE AS A LEGAL RECORD OF THE MORTGAGE TERMS.
RELEASE OF COVENANT:
A RELEASE GIVEN TO THE MORTGAGOR OF A PROPERTY THAT HAS BEEN SOLD TO A NEW PUCHASER WHO IS ACCEPTABLE TO THE MORTGAGEE. THIS RELEASE IS USUALLY GIVEN AFTER THE NEW MORTGAGE HAS BEEN SIGNED AS AN ASSUMPTION AGREEMENT.
RENEWAL:
AT THE END OF A MORTGAGE TERM, THE MORTGAGE MAY “ROLL OVER” ON NEW TERMS AND CONDITIONS ACCEPTABLE TO BOTH THE LENDER AND THE BORROWER. THIS IS KNOWN AS RENEWING A MORTGAGE. OTHERWISE, THE LENDER IS ENTITLED TO BE REPAID IN FULL. IN THIS CASE, THE BORROWER MAY SEEK ALTERNATIVE FINANCING.
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