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,
    • Multiple line insurance policy covering property and liability for homeowners.
    HO stands for Home Insurance within the insurance industry.
  • Principal, Interest, Taxes, Condo fees, Heat (PITCH)Acronym,
    • Principal, Interest, Taxes, Heat (PITH)Acronym,
      • Social Insurance Number (SIN) Bank, Canada, Very Important,
        • 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.
        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.
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