GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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62% - Often

Cooperative Mortgage


Synonyms:co-op mortgage, group mortgage, loan
Filed Under: financial-banking, investments, mortgages
Tags: banking, investment, mortgage
 

Definition of cooperative mortgage

cooperative mortgage
1. A co-op mortgage is a loan that enables the borrower to buy into -- or shares of -- a cooperative project. This type of mortgage specifically handles multiple ownership scenario in which a corporation owns property (usually an apartment building or condominium complex) and the occupants own shares in the corporation equal to their portion of the building.

Related Terms and Acronyms:

  • commercial mortgage   A mortgage for commercial property.
  • condominium (condo)   A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
  • cooperative   A residential project owned by a cooperative corporation. Residents own shares in the cooperation, which in turn gives them the right to live in the project.
  • mortgage (mtg)   A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • shared-appreciation mortgage (SAM)   A home loan in which the lender offers a below-market interest rate in exchange for sharing in the profit when the home is sold. Usually done only with private funds/lenders.

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