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Purchasing a home is a smart investment. Yet whether you are buying a home, refinancing or simply renewing, the mortgage you choose is an important decision. Working with an independent mortgage professional is the first thing you can do to ensure the process is simple, convenient, and in your best interest.

TOTAL DEBT SERVICE RATIO (TDS):

The percentage arrived at by dividing your monthly shelter costs (principal, interest, property taxes, heating and half of condo fees) PLUS all other monthly debt obligations by your gross monthly income and multiplying by 100. This is used by all lenders as the "upper limit" yardstick by which to measure the ability of a borrower (or borrowers) to make mortgage payments. For example, most lenders require that this ratio be no more than 40%.

Use our Mortgage Terms Glossary to learn more about mortgages and the process you’ll go through to obtain one.

Adjustments on Closing Amortization
Appraisal Assessment
Assignment of Interest Assumable Mortgage
Blend and Extend Buy-Down
Buyer's Agent Canada Mortgage and Housing Corporation (CMHC)
Cap Rate Closing
Closed Mortgage Commitment Letter
Compliance Letter Connection Charges
Conventional Mortgage Convertible Mortgage
Credit Report Default
Double-Up Down Payment
Equity Five-Percent Down Program
First Mortgage Genworth Financial Canada
Gross Debt Service Ratio (GDS) Hedge
High-Ratio Mortgage Home Inspection Report
Interest Rate Differential Lien
Loan-to-Value Ratio Mortgage Broker
Mortgagee Mortgage Insurance
Multiple Listing Service (MLS) Municipal Levies
Open Mortgage Pith
Portable Mortgage Prepayment Privilege(s)
Prepayment Penalty Princiapal
Refinance Registration Fees
Simple Interest Survey
Switch Tax Certificate
Title Insurance Total Debt Service Ratio (TDS)
Undertaking Underwriting
Variable Rate Mortgage (VRM) Verification of Employment
Work Orders  
   
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