Qualified mortgage lender means a mortgage or hypothecary lender that has been designated under section 10. ( prêteur hypothécaire qualifié) Superintendent Prescribed means prescribed by regulations made under section 41. ( Version anglaise seulement) qualified mortgage lender Policy means any written contract of insurance in respect of an eligible mortgage loan, whether contained in one or more documents, entered into by an approved mortgage insurer and a qualified mortgage lender that has been designated as such by the approved mortgage insurer. ( police) prescribed Mortgage insurer means a corporation referred to in subsection 13(1) of the Insurance Companies Act and that is approved by the Superintendent to sell mortgage or hypothecary insurance in Canada. Minister means the Minister of Finance. ( ministre) mortgage insurer Liquidator means a liquidator appointed under the Winding-up and Restructuring Act or a similar official appointed under any other Act of Parliament relating to insolvency or bankruptcy. ( liquidateur) Minister Her Majesty means Her Majesty in right of Canada. ( Sa Majesté) liquidator (f) in Yukon and the Northwest Territories, the Supreme Court of the territory, and in Nunavut, the Nunavut Court of Justice. ( tribunal)Įligible mortgage loan means a mortgage or hypothecary loan that meets the criteria established by regulations made under subsection 42(1). ( prêt hypothécaire admissible) Her Majesty
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(e) in Prince Edward Island and Newfoundland and Labrador, the trial division of the Supreme Court of the province and (d) in New Brunswick, Manitoba, Saskatchewan and Alberta, the Court of Queen’s Bench for the province (c) in Nova Scotia and British Columbia, the Supreme Court of the province (b) in Quebec, the Superior Court of the province (a) in Ontario, the Superior Court of Justice approved mortgage insurerĪpproved mortgage insurer means a mortgage insurer that is designated under section 4. ( assureur hypothécaire agréé) companyĬompany means the Canada Guaranty Mortgage Insurance Company, the Genworth Financial Mortgage Insurance Company Canada, the PMI Mortgage Insurance Company Canada or any successor to any of those companies. ( société) court InterpretationĢ The following definitions apply in this Act. Rates subject to increase after consummation.1 This Act may be cited as the Protection of Residential Mortgage or Hypothecary Insurance Act.
This could increase the monthly payment and the interest rate. If the down payment is less than 20%, mortgage insurance may be needed on the loan. Rates and payments are subject to increase after initial fixed period of loan. Example: 10-Year ARM calculation assumes a $250,000 loan amount, 4.500% interest rate, 4.455% APR, with 20% down payment, amortized over 360 months = $1,266.71 monthly payment. Example: 7-Year ARM calculation assumes a $250,000 loan amount, 4.375% interest rate, 4.699% APR, with 20% down payment, amortized over 360 months = $1,248.21 monthly payment. Example: 5-Year ARM calculation assumes a $250,000 loan amount, 4.125% interest rate, 4.679% APR, with 20% down payment, amortized over 360 months = $1,211.62 monthly payment. Example: 3-Year Adjustable Rate Mortgage (ARM) calculation assumes a $250,000 loan amount, 4.000% interest rate, 4.764% APR, with 20% down payment, amortized over 360 months = $1,193.54 monthly payment. 3, 5, 7, or 10-year term refers to the period of time the interest rate is set at the beginning of the loan period which is 30 years (360 months) after the initial fixed rate term, the interest rate will adjust annually.
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