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High Ratio Mortgage is mortgage where the loan-to-value is 75% or more. This occurs when the borrower's down payment is 25% or less of the property value.

Highest and Best Use is the most probable, legally allowable, financially feasible use for the property in question. The appraiser includes an opinion on this as part of the appraisal report.

Holdback is the withholding of, or non-advancement of, a portion of a mortgage loan to maintain adequate security:
1. pending achievement of a performance requirement, or
2. as protection against liens
 
Home Equity Financing is a type of mortgage refinancing in which the mortgage amount is increased to take advantage of the increased equity in a home.

Household Formation looks at how individuals group together to create a household. A household can be made up of an individual, a couple, or either one of these with children. Generally mirrors growth, aging, and divorce/separation patterns of the general population.

Hypothec is the appropriate civil law term that corresponds to the common law concept of 'mortgage'.

 

If you need more information or want free no obligation mortgage advice please feel free to contact me today!

 

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Walter Pawlowski Ontario Mortgage Agent M11002486