Definition : Immovable hypothec (conventional) - Mortgage loan

Loan of money guaranteed by a mortgage published on an immovable, which is usually granted by a financial institution (the creditor) to allow a buyer (the debtor) to acquire an immovable (e.g. a condominium).

 WHAT TO KEEP IN MIND! The grantor of the hypothec may not be the borrower under the terms and conditions of the loan, in such cases it is a hypothecary suretyship.

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It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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