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Feasibility Analysis [back to top]
An analysis to determine the feasibility of a project. Details of construction costs, projected income from the project plus location and economic factors affecting the project will be required. Similar to a feasibility study by a developer conducted to decide whether to proceed with plans and required by the lender to decide whether to provide funds.

Fee Simple [back to top]
The highest estate or absolute right in real property.

Financing Statement [back to top]
A statement filed by a creditor in a public records office identifying the parties, giving their addresses, and describing the collateral.

First Mortgage [back to top]
Gives the lender a primary lien/charge against your house and property which has precedence over all other mortgages. Priority is determined by the date and time registered, so a first mortgage was literally and legally registered "first". A new first mortgage can therefore only be registered as a "first" mortgage upon the discharge of an existing one if the holder of a second mortgage "postpones" (i.e., "puts back in time") to a time immediately following the registration of the new first mortgage.

First Mortgage Bond [back to top]
Bonds issued by a corporation secured upon the property and earnings of the issuing corporation.

Five-Percent Down Program [back to top]
This allows buyers to obtain up to 95% financing on properties up to a certain value. The loan must be insured against default by CMHC (Canada Mortgage and Housing Corporation) or GE Capital Mortgage Insurance Corporation. This maximum home value will vary according to location (local Realtors should know the applicable limit) and eligibility can vary with personal circumstances.

Fixed Rate Mortgage [back to top]
This is the usual form of mortgage where interest rate remains the same during the entire life of the loan.

Fixtures [back to top]
Permanent improvements to property that may not be removed at the expiration of the term of lease or tenure.

Floating Rate of Interest [back to top]
Rate of interest which fluctuates according to prime lending rates, eg. 2% above prime rate usually chargeable on short term loans such as construction loans.

Floor to Ceiling Loan [back to top]
A permanent loan or advance made in two stages, (a) on completion of construction according to agreed upon terms and conditions, and (b) the balance advanced upon occupancy or upon cash flow requirements.

Foreclosure [back to top]
Remedial court action taken by a mortgagee when default occurs on a mortgage, to cause forfeiture of the equity of redemption of the mortgagor.

Freehold [back to top]
The ownership of a tract of land on which the building(s) are located. The oldest and most common typed of ownership of real estate.

Fully Amortized Loan [back to top]
A mortgage loan wherein the stipulated repayments repay the loan in full by its maturity date.

Further Charge [back to top]
A second or subsequent loan of money to a mortgagor by a mortgagee, either on the same or on an additional security.