Terms with Tag Banking
- 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.
- Minnedosa Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- 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.
- Mixed-income Housing — Definition,
- A neighbourhood whose residents earn widely varying wages and salaries.
- Modification — Definition,
- A change in terms of the loan agreement.
- Momentum Credit Union (MCU) — Company Est. 1939, Hamilton, Ontario, Canada, ➥ Formerly known as Twin Oak Credit Union and Hamilton Community Credit Union before the merger in 2010. A Canadian NHA approved mortgage lender that offers all lending types.
- 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 Market Account (MMA) — Acronym,
- 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,
- 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.
- Morgan Stanley Bank International Limited (MSBIL) — Company,
- Morse Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgage Banker — Definition, Important,
- An employee of a large bank who finds financing for the general public.
- Mortgage Brokerage — Definition, Very Important,
- An individual or group who brokers deals between their clients and lenders.
➥ CanEquity is a mortgage brokerage. - Motor City Community Credit Union (MCCCU) — Company Est. 1938, Windsor, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Mount Lehman Credit Union — Company, British Columbia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Mountain View Credit Union (MVCU) — Company Est. 1977, Alberta, Canada, ➥ Formed by the merger of Cremona Credit Union operating since 1943, Olds Credit Union (1957), Sundre Credit Union (1959) and Didsbury Credit Union (1961). A Canadian NHA approved mortgage lender that offers all lending types.
- Muenster Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Multi-Branch Banking® (MB) — Acronym, ➥ Bank account transaction code.
- Multi-Option Facility (MOF) — Acronym,
- Multilateral Development Bank (MDB) — Acronym,
- Mutual Insurance Company — Definition,
- An insurance company where the each policyholder is a part owner of the company.
- National Bank Discount Brokerage (NBDB) — Acronym, Canada,
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