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CRA debt mortgage

A specialty alternative-lending program that lets homeowners refinance to clear CRA arrears. Most A lenders refuse files with open CRA debt; private and B lenders bridge until the debt is cleared.

Unpaid income tax, HST, or payroll remittances are a hard stop for most A lenders — and CRA can register a lien on your home, which jumps ahead of new financing. A CRA-debt mortgage uses your home equity to pay the arrears in full so the lien is cleared.

These are typically B or private mortgages, priced for the risk, on a short term. Once the CRA debt is gone and a few months pass, the plan is to refinance back to a prime A lender at a normal rate.

Speed matters because CRA collection escalates. If you're behind on taxes and own a home with equity, acting before a lien is registered keeps more options (and lower rates) on the table.

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A lender

A bank or monoline that prices its lowest rates and tightest underwriting against borrowers who fit prime credit, income, and property criteria. The big banks (RBC, TD, Scotia, BMO, CIBC, NB) and major monolines (MCAP, First National, MERIX) are A lenders.

B lender

An alternative lender that prices slightly higher than A lenders but flexes on credit history, income documentation, property condition, or self-employed earnings. Equitable, Home Trust, CMLS, and Manulife Bank are common B lenders.

Bridge financing

Short-term loan that lets you close on a new home before the sale of your existing one funds. Priced at prime + premium, secured against both properties, typically up to 90-120 days.

Closed mortgage

A mortgage that limits how much extra you can prepay each year and charges a penalty if you break the term early. Almost all standard Canadian mortgages are closed because the rates are materially lower than open.

Collateral charge mortgage

A mortgage registered against your property for more than the actual loan amount, letting you increase the limit later without re-registering. Common at TD and Scotia. Makes inter-lender switches harder mid-term.

Conventional mortgage

A mortgage with at least 20% down. No mortgage default insurance required. Pricing is typically higher than insured because the lender carries more of the credit risk.

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