Canadian Financial, Real Estate and Mortgage Glossary

minimum monthly balance — Definition

The least amount of money in a bank account during an entire month.

minimum payment — Definition

The minimum amount a cardholder must pay to keep the account from defaulting. Some card issuers set high minimums if they are uncertain of the cardholder's ability to pay. Most card issuers require a minimum payment of three to five percent of the outstanding balance.

Ministry of Municipal Affairs and Housing (MMAH) — Company, Ottawa, Ontario, Canada

  ➥  Attends to housing needs, protection of tenants, and encourages private sector building in Ontario.

mint condition — Definition

A term describing a building or item that's just like new.

mis-selling — Definition

The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.

Mississauga Real Estate Board (MREB) — Company Est.1954, Canada

mixed-income housing — Definition

A neighbourhood whose residents earn widely varying wages and salaries.

modification — Definition

A change in terms of the loan agreement.

modified internal rate of return (MIRR) — Acronym

monetary policy — Definition

The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.

monetary policy committee (MPC) — Acronym

  ➥  In relation to central banks.

monetary policy report update (MPRU) — Acronym

Updates on the monitoring of inflation, interest rate targets and economic outlooks within Canada.

monetary value — Definition

A property's monetary value is its worth if sold at this moment in time.

money factor — Definition

A leasing term that expresses the cost of borrowing. It is similar to the interest rate paid on a conventional car loan, but it is expressed as a difficult-to-understand fraction. To convert the money factor to a recognizable interest rate, multiply it by 24. For example, a money factor of .00345 x 24 = 9 percent interest. The money factor is negotiable, and consumers who lease a new car should look for a money factor close to the current interest rate charged for new-car loans.

money laundering (ML) — Definition

A process used by individuals to conceal illegally acquired funds by converting them into seemingly legitimate income. The term is generally associated with organized crime and those who need to legitimize illegally earned funds.

money market account (MMA) — Definition

A bank account that restricts the type and number of withdrawals. The account also earns interest similar to money market funds.

money market deposit account (MMDA) — Acronym

money market fund (MMF) — Definition, Important

Mutual funds that invest in short-term debts or securities.

money market investment account (MMIA) — Acronym

money purchase plan (MPP) — Acronym

  ➥  Also known as Money Purchase Pension Plan.

monthly periodic rate — Definition

The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12.

Montrose Mortgage Corporation Ltd. (MMCL) — Company, Canada-wide excluding Quebec

  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 5 or more multi-family units.

mop and glow — Definition

A term used inside the car industry to refer to add-ons, especially paint sealant, that do little to add to the value of a car, but a great deal to add to the dealer's profit.

morbidity rate — Definition

A measurement of how prevalent a medical condition or disease is.

more or less (m/l) — Abbreviation

  ➥  Approximately.

mortality and expense risk charge — Definition

A charge sometimes applied to reimburse an insurer for the risks in a policy.

mortality rate — Definition

A measurement of how many people in a particular population set and in a particular period of time die.

mortality rate doubling time (MRDT) — Acronym

Variable derived from the Gompertz equation that determines the time required for a mortality rate to double.

mortgage (mtg) — Definition, Important

A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.

mortgage acceleration clause — Definition, Important

A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.