Penalties are fees a lender charges when a borrower breaks the terms of their mortgage agreement, such as paying off the mortgage early, refinancing, or switching lenders before the term ends. These fees are typically higher for fixed-rate mortgages than variable-rate ones.

Flexible debt ratios refer to a lending approach in which lenders are willing to accept higher levels of debt relative to income than traditional lenders. This means they are more lenient in their calculations of how much of your income can go towards debt payments, including your mortgage.

A rental program is a mortgage product designed to assist individuals in financing properties intended for rental income. These programs help buyers leverage the projected income from a rental property to meet mortgage qualification requirements.

A bank statement program allows self-employed individuals or those with non-traditional income to qualify for a mortgage based on bank statements instead of standard income verification.

Alternative rates are interest rates offered by alternative lenders that cater to clients who may not meet the strict criteria of traditional banks. These lenders often work with borrowers with non-traditional income sources or unique financial situations.

A graduate program is a mortgage solution designed to help borrowers transition from alternative lending to more traditional lending options. This program typically helps clients move from higher interest rates with an alternative lender to lower rates offered by traditional lenders.

Insurance that protects the lender in case the borrower defaults on the mortgage.

A lender's fee covers the costs a lender incurs in processing your mortgage application. These fees are typically paid upfront, either at the time of application or at closing.

The process of changing a term life insurance policy to a permanent one without needing a new medical exam.

The amount of money paid out to the beneficiary when the insured person passes away.

A savings account in Canada designed to help you save for a child’s education, with added benefits like government grants.

A retirement account in Canada where your contributions are tax-deductible, and your investments grow tax-deferred. Taxes are paid when you withdraw the funds in retirement.

 A Canadian account where you can invest and grow your money tax-free. Withdrawals are also tax-free, and any unused contribution room can carry over to future years.

A personal savings fund set aside to cover unexpected financial needs, typically kept in easily accessible accounts like a TFSA or high-interest savings account.

The maximum amount you’re allowed to contribute to accounts like a TFSA or RRSP each year, as determined by the Canadian government.

Life insurance that lasts your entire lifetime, as long as premiums are paid.

A type of life insurance that provides coverage for a set period, like 10 or 20 years.

The amount of money you pay regularly to keep your life insurance policy active.

The person who receives the payout from a life insurance policy after the policyholder's death.

Your ability to handle the ups and downs in the value of your investments.