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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Oakville, Milton and District Real Estate Board (OMDREB) — Company Est.1954, Ontario, Canada
occurrenceDefinition
An event that triggers the need for insurance coverage.
off balance sheet financing (OBSF) — Acronym
offerDefinition
To propose or give something.
office (ofc, offc) — Abbreviation, Important
Office of the Privacy Commissioner of Canada (OPC) — Company, Ottawa, Ontario, Canada
Office of the Superintendent of Financial Institutions (OSFI) — Company, Canada, Important
offline debit cardDefinition
A card with traits from both ATM cards and credit cards (usually VISA or MasterCard). Banks issue this type of card either instead of or in addition to an ATM card. The card can be used anywhere the VISA or MasterCard logo is displayed, but a line of credit is not accessed -- the customer's chequing account is debited. It is "offline" because the account is not directly accessed -- there is a delay of 24 to 72 hours before the debit is made in the account. If you sign a slip of paper to complete the transaction, it is offline. In the Canada, a Personal Identification Number (PIN) may be required to use an offline debit card.
Okanagan Mainline Real Estate Board (OMREB) — Company, Ontario, Canada
old age security (OAS)Definition, Important
A Canadian pension plan for eligible Canadians over the age of 65.
Ombudsman for Banking Services and Investment (OBSI) — Company Est.1996, Canada
OMERS Administration Corporation (OAC) — Company Est.1962, Ontario, Canada
  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 5 or more multi-family units.
on approved credit (OAC) — Acronym
one and two family dwelling code (OTFDC) — Acronym
one unit owner-occupied (OUO) — Acronym
one-year adjustableDefinition
Mortgage whose annual rate changes yearly. The rate is usually based on movements of a published index plus a specified margin, chosen by the lender.
online banking (OLB)Definition, Important
Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
online banking & investing (OBI) — Acronym
online banking report (OBR) — Acronym
online bill paymentDefinition
A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
online debit cardDefinition
A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
Ontario Association of Home Inspectors (OAHI) — Company Est.1987, Ontario, Canada
Ontario Business Corporations Act (OBCA) — Ontario, Canada
Ontario Council of Agencies Serving Immigrants (OCASI) — Ontario, Canada
Ontario Home Builders' Association (OHBA) — Company Est.1962, North York, Ontario, Canada
Ontario Home Ownership Savings Plan (OHOSP) — Ontario, Canada, Very Important
Ontario Home Ownership Savings Plan provides a refundable tax credit to assist low income couples or individual to save towards the purchase of a first home.
  ➥  An Ontario tax credit.
Ontario Infrastructure and Lands Corporation (OILC) — Company, Ontario, Canada
Ontario Mega Finance Group (OMFG) — Ontario, Canada
Ontario Mortgage and Housing Initiative (OMHI) — Ontario, Canada
  ➥  Affordable housing financing.
Ontario New Home Warranties Plan (ONHWP) — Ontario, Canada, Important
Warranties for defects in construction as well as for costs of delayed closings and deposit loss in the event a builder declares bankruptcy.
  ➥  An Ontario Act.
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