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Canadian Financial, Real Estate and Mortgage Glossary

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mortgage applicationDefinition, Very Important
A document in which a prospective borrower details his or her financial situation to qualify for a loan.
mortgage associates program (MAP) — Alberta, Canada, Very Important
In Alberta, individuals who wish to become licensed mortgage brokerage industry members must complete the Mortgage Associates Program (MAP) offered through the Real Estate Council of Alberta (RECA).
  ➥  Mortgage associate licensing.
mortgage assumptionDefinition, Important
Taking over the payment and responsibility for an existing property loan.
mortgage bankerDefinition, Important
An employee of a large bank who finds financing for the general public.
Mortgage Broker (MB)Definition, Important
One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
Mortgage Broker Loan Officer (MBLO) — Acronym
Mortgage Broker/Lender (MBL) — Acronym, Important
mortgage brokerageDefinition, Very Important
An individual or group who brokers deals between their clients and lenders.
  ➥  CanEquity is a mortgage brokerage.
Mortgage Brokers Association of British Columbia (MBABC) — Company Est.1990, British Columbia, Canada, Very Important
mortgage calculatorDefinition, Very Important
A program that calculates the costs involved in a mortgage or determines what kind of mortgage a person can qualify for.
  ➥  CanEquity's mortgage calculator has been rated number one by the Globe and Mail.
mortgage disability insuranceDefinition, Important
Insurance that covers mortgage payments if a policyholder becomes disabled.
mortgage discharge management system (MDMS) — Acronym, Important
Mortgage Fulfillment Specialist (MFS) — Acronym, Very Important
Personnel used by mortgage lenders to process client (mortgage broker) applications.
  ➥  More commonly referred to as Mortgage Underwriters.
mortgage insuranceDefinition, Very Important
Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
  ➥  CanEquity offers mortgage insurance.
mortgage insurance partner (MIP) — Acronym
mortgage interest rate (MIR) — Acronym
mortgage interest rate differential (MIRD) — Acronym
Mortgage Investment Association of British Columbia (MIABC) — Company, British Columbia, Canada
mortgage investment corporrtion (MIC) — Acronym, Important
mortgage lender (ML)Definition, Very Important
A lender that offers mortgages, often through a mortgage broker.
  ➥  Used internally by mortgage brokers and mortgage lenders.
mortgage lending value (MLV) — Acronym
mortgage lienDefinition, Important
A legal claim against a mortgaged property which must be paid when the property is sold.
mortgage life insuranceDefinition, Very Important
Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.
Mortgage Loan Broker (MLB) — Acronym
mortgage loan origination agreement (MLOA) — Acronym
mortgage paymentDefinition, Important
A periodic payment used to pay off a mortgage's principal and interest.
mortgage payment protection insurance (MPPI) — Acronym
Mortgage Protection Plan (MPP) — Acronym, Very Important
mortgage rateDefinition, Very Important
The interest rate on a mortgage loan.
  ➥  You can compare mortgage rates using this website by clicking 'Rates' above.
mortgage rate sheet (MRS) — Acronym
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Minimum Monthly BalanceMortgage Acceleration...
Currently Displayed — Page 4
Mortgage Application — Mortgage Rate Sheet
  Next Page
Mortgage RenewalMutual Non-Disclosure...

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Index for The Letter 'm'

Page 1: Macquarie Financial
Maternal Mortality Rate
Page 2: Maturity
Minimum Balance to Open an...
Page 3: Minimum Monthly Balance
Mortgage Acceleration Clause
Page 4: Mortgage Application
Mortgage Rate Sheet
Page 5: Mortgage Renewal
Mutual Non-Disclosure...

Notable Terms

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