# Terms with Tag Loan

• Advance Line of Credit (ALOC)Bank,
• Alternative Consumer Credit Market (ACCM)Acronym,
• Amortization Bank,
• Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
• Amortization Period Bank,
• The amount of time it will take to pay off a mortgage by making routine payments.
• Amortization Schedule Bank,
• A detailed table showing the amortization of a loan which includes the beginning principal amount, period payments, the interest portion of each payment, the principal reduction portion each payment, and the ending balance. The Canadian Equity Group has developed a mortgage rate calculator which will generate a perfect example of an amortization schedule.
• Amortization Table Bank,
• A mathematical formula used to calculate monthly mortgage payments based on the borrowed loan amount, the interest rate, and the loan term.
• Amortization Term Bank,
• The time required to amortize (repay) an entire mortgage loan.
• Annual Percentage Rate (APR) Bank, Very Important,
• A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
A number used to compare costs associated with mortgage loans and other forms of financing.
• Annual Percentage Rate of Charge (APRC) Acronym,
• A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.
• Automated Tracking Loan Origination System (ATLOS)Acronym,
File management tracking system.
• An option that prevents a lapse of coverage whereby the insurance company will make a premium payment on your behalf using the cash value of the policy provided there are sufficient funds to draw from.
A provision available in some life insurance policies.
• Automatic Transfer of Loan Payments (ATLP)Bank,
• Average Weighted Prime Lending Rate (AWPR, AWPLR)Acronym,
The more common acronym is AWPLR.
• Benchmark Prime Lending Rate (BPLR)Acronym,
• Bridge Loan Bank,
• A loan that "bridges" the gap between the purchase of a new home and the sale of the borrower's current home. The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old. They usually run for a term of six months.
• Bridge Mortgage Bank, Important,
• A short-term loan used to allow a homebuyer to purchase a replacement property while still trying to sell their existing home.
• British Columbia Payday Loan Association (BCPLA)Company, British Columbia, Canada,
• British Columbia Student Loan (BCSL)Acronym, British Columbia, Canada,
• Business Line of Credit (BLOC)Bank,
• Business Revolving Line of Credit (BRLOC)Bank,