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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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finance, insurance and real estate (FIRE)Definition, Important
A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
Financial Administration Act (FAA) — Canada
Financial Advisors Association of Canada (FAAC) — Company Est.1906, Canada
  ➥  Better known as Advocis.
Financial Assistance Worker (FAW) — Canada
Financial Consumer Agency of Canada (FCAC) — Company Est.2001, Canada
  ➥  Established by the federal government to protect and educate consumers of financial products and services in Canada.
Financial Groups Directive (FDG) — Acronym
Financial Institutions Commission (FICOM) — Company, British Columbia, Canada, Important
A regulatory agency of the BC Ministry of Finance.
financial internal rate of return (FIRR) — Acronym
financial management board secretariat (FMBS) — Northwest Territories, Canada
financial management rate of return (FMRR) — Acronym
Financial Markets Risk Management Course (FRM) — Canada
financial planning diploma (FPD) — Acronym
financial planning proficiency exam (FPPE) — Acronym
Financial Planning Supplement (FPSU) — Canada
financial responsibility centre (FRC) — Canada
financial responsibility lawsDefinition
A type of law that requires an entity to be capable of paying for damages in the event of a potential claim.
Financial Services Commission of Ontario (FSCO) — Company Est.1998, Ontario, Canada, Very Important
A regulatory agency of the Ministry of Finance that protects public interests and regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.
  ➥  Oversees the mortgage, insurance and pension industries in Ontario.
Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) — Company, Canada
financing entityDefinition
An entity that purchases an insurance policy or settlement contract.
financing expensesDefinition
Expenses sustained from interest payments, financing, and dividends to shareholders.
finder feeDefinition
A fee paid by a party to another for services rendered.
finished room over garage (FROG) — Acronym
finite reinsuranceDefinition
A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
fire insuranceDefinition
Insurance that covers losses from fire damage to insured assets.
firm commitmentDefinition
A lender's promise to lend money to a specific borrower on specified terms at a certain time.
first dollar coverageDefinition
Insurance coverage that does not require the insured to pay a deductible.
first lienDefinition
Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
first loss insurance policyDefinition
An insurance policy where the policyholder under-insures their assets and will only receive partial coverage in the event of a loss.
first mortgageDefinition, Important
A mortgage that is the primary lien against a property.
First National Financial (FNF) — Company Est.2006, Toronto, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
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Finance, Insurance and Real... — First National Financial
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First National Financial...Flex Room

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Index for The Letter 'f'

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Finance Charge
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First National Financial
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Page 4: Flexible Credit Line
Foreign Tax Credit
Page 5: Forfeiture
Futures

Notable Terms

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You looking to find a low mortgage rate? Most of the time, getting the best rate for your mortgage is about who you go to more than your credit history. Shop the market using a mortgage broker and you won't be left paying high interest rates.
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Important Tip on Credit Card Debt
Credit card interest rates average at around 18.9 per cent. You, like many other Canadians, may have over ten thousand dollars charged to your credit card, but, if you only make the minimum required monthly payment of 2 per cent ($200 the first month) that $10,000 in credit card debt will ultimately take more than 57 years and cost around 40,000 dollars to fully pay off.

Using a home equity loan will allow you to eliminate the high interest credit card (and by eliminate we mean cut up) and consolidate the debt to a low interest rate mortgage payment.