Terms with Tag Mortgage Application
- Approval — Bank,
- An assessment made by a lender of a borrower's ability to pay for a home and a confirmation of the amount the borrower may obtain.
- Homeowners (HO) — Acronym,
➥ HO stands for Home Insurance within the insurance industry.
- Multiple line insurance policy covering property and liability for homeowners.
- Principal, Interest, Taxes, Condo fees, Heat (PITCH) — Acronym,
- Principal, Interest, Taxes, Heat (PITH) — Acronym,
- Social Insurance Number (SIN) — Bank, Canada, Very Important,
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.