Terms with Tag Mortgage Lender

  • Total Debt Service (TDS) Acronym, Important,
    • The ratio of a borrower's total monthly debt payments to his or her monthly gross income. Lenders use this ratio to determine how much of a loan a borrower is qualified for.
  • Investment Property Mortgage (IPM)Acronym,
    • Accelerator Rate Sheet (ARS)Acronym,
      • Community Trust Company, Canada-wide,
          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
        • Firstline Mortgages (FLM) Company, Toronto, Ontario, Canada, Very Important,
          • As of July 31, 2012, Firstline Mortgages announced that it will no longer be accepting new mortgage clients.
          A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
        • Virtual Intermediary Program (VIP)Acronym,
          • Toronto-Dominion Bank (TDB)Company, Canada-wide,
              A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
            • CIBC Mortgages and Lending (CML)Acronym, Toronto, Ontario, Canada,
              • First National Financial Corporation (FNFC)Company, Toronto, Ontario, Canada,
                • First National Financial LP is Canada’s largest non-bank lender, offering both commercial and residential mortgage.
                Now called First National Financial LP.
              • Low Document Transfer (LDT)Acronym, Very Important,
                • Notice of Assessment (NOA) Acronym, Canada, Important,
                  • A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
                  Canada Revenue Agency's T451 tax form.
                • Mortgage Lender (ML) Acronym, Very Important,
                  • A lender that offers mortgages, often through a mortgage broker.
                  Used internally by mortgage brokers and mortgage lenders.
                • Line of Credit (LOC) Acronym,
                  • A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
                • Loan-to-Value (LTV) Acronym, Very Important,
                  • The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
                  A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
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