Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
50% - Moderately

Type 'A' Property

Filed Under: mortgages, real-estate
Tags: mortgage, realty

Definition of type 'a' property

type 'a' property
1. Used for classifying property during the mortgage origination process, type 'a' properties must be used as residential and must have central heating and year-round road access.

Related Terms and Acronyms:

  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • 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.
  • mortgage application   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • refinance   To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
  • second home   An additionally purchased property, often a vacation or a rental property.
  • second home mortgage   A mortgage used purchase property, often a vacation or a rental property.
  • type 'b' property   Property that may not be centrally heated or may only be seasonally accessible.

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