Terms with Tag Mortgage

  • 1st Choice Savings and Credit UnionBank, Alberta, Canada,
      A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
    • Abstract of Title (ab) Abbreviation,
      • A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
      AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
    • Acceleration Clause Bank,
      • A provision within a document that explains how the lender expects payment for a loan, in due haste.
    • Accent Credit UnionBank, Saskatchewan, Canada,
        A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
      • Acceptance Definition,
        • A property seller's formal, written approval of a buyer's offer.
      • ACCESS Credit UnionBank, Manitoba, Canada,
          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
        • Accredited Mortgage Broker (AMB)Acronym, Canada,
          • Accredited Mortgage Professional (AMP) Acronym, Canada, Very Important,
            • The Accredited Mortgage Professional (AMP) is the only national proficiency standard created by CAAMP for Canada's mortgage industry.
            Accreditation offered by Canadian Association of Accredited Mortgage Professionals (CAAMP).
          • Accrue Bank,
            • To gather together an amount often over a period of time.
          • Accrued Interest Bank,
            • Interest which has already been earned but has not yet been paid.
          • Acquisition Fee Bank,
            • A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.
          • Add-on Interest Bank,
            • Interest that is computed at the beginning of the loan, then added to the principal, so that all must be repaid, even if the loan is paid off early.
          • Additional Principal Payment Bank,
            • Extra money included with a loan payment to pay off the amount owed faster. Over time, this practice reduces the amount of interest paid.
          • Additional Property Definition,
            • A property that is owned by the person that is not being financed.
          • Adjala Credit UnionBank, Ontario, Canada,
              A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
            • Adjustable Mortgage Rate (AMR) Acronym,
              • A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.
              See Adjustable Rate Mortgage (ARM).
            • Adjustable Rate Convertible Note (ARCN)Acronym,
              • Adjustable-Rate Mortgage (ARM) Bank,
                • A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.
                A type of variable rate mortgage product.
              • Adjustment Period Definition,
                • The time between changes in the interest rate in an adjustable-rate mortgage.
              • Advance Savings Credit Union (ASCU) Bank, New Brunswick, Canada,
                  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                • Affinity Credit UnionBank, Saskatchewan, Canada,
                    A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                  • Agency (agcy) Bank,
                    • A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
                  • Agency Closing Bank,
                    • The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
                  • Agent (agt) Bank,
                    • A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
                  • Alameda Credit UnionBank, Saskatchewan, Canada,
                      A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                    • Aldergrove Credit UnionBank, British Columbia, Canada,
                        A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                      • Alienation Clause Definition,
                        • A requirement that the borrower pay the mortgage in full upon transfer of the property.
                      • Alterna Savings & Credit UnionBank, Ontario, Canada,
                          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                        • Alternative Mortgage Definition, Important,
                          • A home loan that is not a standard fixed-rate mortgage.
                        • 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.
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