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Terms & Definitions - Search and Find Terms beginning with the letter C
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C

CMHC

Canada Mortgage and Housing Corporation, a Crown corporation that administers the National Housing Act for the federal government and encourages the improvement of housing and living conditions for Canadians. CMHC is one of two sources for high-ratio mortgage insurance.
Capped rate An interest rate with a pre-determined ceiling, usually associated with a variable-rate mortgage.
Closed mortgage Locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
Closing costs Costs in addition to the purchase price of a property and which are payable on the closing date. Examples include legal fees, land transfer taxes, and disbursements.
Closing date The date on which the sale of a property becomes final and the buyer takes possession.
Conditional offer An offer subject to conditions such as loan approval.
Condominium fee A fee paid by the condo owner that is allocated to pay building expenses.
Conventional mortgage  A loan issued for up to 75% of the property's appraised value or purchase price, whichever is less.


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