Our glossary has some 400 terms commonly (and not so commonly) used words and terms in the industry.
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Mortgage Tools Glossary
A description of terms and details of parameters used
with the Canada Mortgage calculators.
Condominium Fees
The conventional calculator includes the entire condo
fee expense in the calculation of minimum household income required.
The practice at Canada Mortgage and Housing Corporation
(CMHC) is to consider 50% of the expense when calculating
Debt Service Ratios's
(DSRs) and required household income. Some lenders have adopted
this practice.
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