TERMIUM Plus®

The Government of Canada’s terminology and linguistic data bank.

MORTGAGE SALE [1 record]

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Record 1 2015-06-03

English

Subject field(s)
  • Property Law (common law)
  • Law of Contracts (common law)
CONT

The mortgage sale is actually comprised of potentially two sales; the mortagage loan and the mortgage serving of the loan. The new mortgage loan is sold to another lender on the secondary mortgage market soon after closing. The mortgage loan-servicing can be sold to another loan servicer but is usually not and stays with the original loan servicer.

CONT

Your first annual buildings & contents insurance premium is due at the start of your mortgage. Subsequent annual premiums are due on the anniversary of date of completion of your mortgage sale.

French

Domaine(s)
  • Droit des biens et de la propriété (common law)
  • Droit des contrats (common law)

Spanish

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© Public Services and Procurement Canada, 2024
TERMIUM Plus®, the Government of Canada's terminology and linguistic data bank
A product of the Translation Bureau

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