GLOSSARY

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.

Search the Glossary

Mortgage Rates Chart
Your money goes a lot further when you pay your home off with low interest rate. Make sure your mortgage isn't weighing you down with high rates and ridiculous payments. View our mortgage rates chart to find the best interest rates in Canada.
Mortgage Rates Chart
 
Mortgage Payment Calculator
With our mortgage calculator, you can plug in your information and try different mortgage interest rates, term lengths, and amortization periods in order to determine what kind of home you can afford. How much do you qualify for?
Mortgage Payment Calculator
 
Mortgage Rates
Don't just settle for the substandard rate your bank offers you, use a broker and get a fantastic mortgage rate.
Mortgage Rates