GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Type 'B' Property


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

Definition of type 'b' property

type 'b' property
1. Used for classifying property during the mortgage origination process, type 'b' properties are often bought as vacation homes. Central heating is not required for type 'b' properties nor is 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 'a' property   Residential property that is centrally heated and accessible year-round.

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