Canadian Financial, Real Estate and Mortgage Glossary

mortgage renewal — Definition, Very Important

A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.

mortgage-backed securities — Definition, Important

Securities backed by mortgage debt.

mortgage-backed security (MBS) — Definition, Very Important

Securities backed by mortgage debt.

Mortgage-Over-Treasury Option (MOTO) — Acronym

mortgagee — Definition, Important

The lender in a mortgage transaction.

mortgagor — Definition

The borrower in a mortgage transaction.

most valuable partner (MVP) — Acronym, Important

  ➥  Broker loyalty program offered by National Bank of Canada (NBC).

motivated buyer — Definition

A prospective buyer who has a strong reason to buy, and quickly.

motivated seller — Definition

A home seller who has a strong reason to sell quickly, possibly because of an upcoming relocation or an impending default on a loan.

Mount Royal University (MRU) — Company Est.1910, Calgary, Alberta, Canada

Mount Saint Vincent University (MSVU) — Company Est.1873, Halifax, Nova Scotia, Canada

move-up buyer — Definition

One who is selling a house to buy a more expensive house.

moving expenses — Definition

Expenses incurred when you moved in connection with your job and are deductible if they are the reasonable costs of moving yourself, your family and your possessions. You can no longer deduct the cost of meals while moving.

multi-dwelling unit (MDU) — Acronym

  ➥  An apartment or condominium complex.

multi-year guaranteed annuity (MYGA) — Acronym

multiline insurance policy — Definition

A combination of different insurance policies that are rolled into a single insurance policy.

Multiple Listing Service (MLS) — Canada, Very Important

A database that lists all properties in an area that are for sale or lease by Realtors.

Municipal Finance Authority (MFA) — Company Est.1970, British Columbia, Canada

  ➥  Contributes to the financial well-being of local governments throughout BC.

Municipal Finance Authority of British Columbia (MFABC) — Company Est.1970, British Columbia, Canada

Municipal Property Assessment Corporation (MPAC) — Company Est.2001, Ontario, Canada

Provides a uniform means of current value assessments for property taxpayers in the province of Ontario. The Government of Ontario transferred responsibility for property assessment from the Ministry of Finance to the Ontario Property Assessment Corporation which was then later named to Municipal Property Assessment Corporation.

  ➥  Formerly known as Ontario Property Assessment Corporation (OPAC).

mutual fund — Definition

A type of investment scheme that pools funds from multiple backers and invests them in securities such as stock or bonds.

Mutual Fund Dealers Association of Canada (MFDA) — Company, Canada, Important

A national self-regulatory organization (SRO) for the distribution of Canadian mutual funds.

mutual insurance company — Definition

An insurance company where the each policyholder is a part owner of the company.

mutual non-disclosure agreement (MNDA) — Acronym