Terms with Tag Mortgage
- Assumption Clause — Definition,
- A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
- Assumption Fee — Definition,
- A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
- Assumption Mutual Life Insurance Company — Company Est. 1903, Prince Edward Island, Nova Scotia, New Brunswick, and Quebec, Canada, Important, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Austin Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Auto Workers Community Credit Union (AWCCU) — Company Est. 1938, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Automated Pre-approval Process (APP) — Acronym, Important,
- Automatic Payment — Definition,
- An arrangement that authorizes periodic withdrawals to be made from a chequing or savings account to pay bills, usually regular monthly payments such as for rent or mortgages.
- Bad Credit — Definition,
- Someone who carries a higher credit risk.
- Bad Debt — Definition,
- Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
- Balloon Loan — Definition,
- A loan in which the payments aren't set up to repay the loan in full by the end of the term. At the end comes the balloon payment -- one that is larger than the other, periodic payments and pays off the remaining principal.
- Balloon Mortgage — Definition,
- A loan that has regular monthly payments which amortize over a stated term but call for a final lump sum (balloon payment) at the end of a specified term, or maturity date, such as 10 years.
- Balloon Payment — Definition,
- A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Bank of Montreal (BMO) — Company Est. 1817, Canada-wide, Very Important, ➥ Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
- Bank of Nova Scotia (BNS) — Company Est. 1832, Canada-wide, Very Important,
- Multinational financial services provider with over 7-million customers across Canada.
➥ A Canadian NHA approved mortgage lender that offers all lending types. Also offers home incomes plan reverse mortgages. - Bank Rate — Definition,
- Closely related to the overnight rate, the bank rate is the interest rate the Bank of Canada charges to banks and other major financial institutions for one-day loans.
- Bank Spread — Definition,
- The difference between the interest rate a bank charges a borrower and the interest rate a bank pays a depositor.
- Basis Point (BPS) — Acronym, Very Important,
- A unit of measure: 1/100th of one percent. For example, the difference between a 9.0% loan and a 9.5% loan is 50 basis points.
➥ Used by mortgage brokers and lenders when discussing mortgage rates and determining commissions. - Battle River Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Bay Credit Union (BCU) — Company Est. 1946, Thunder Bay, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Bayshore Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Bayview Credit Union Society — Company, New Brunswick, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Beaubear Credit Union — Company, New Brunswick, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Beaumont Credit Union — Company, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Beautiful Plains Credit Union (BPCU) — Company Est. 1955, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Belgian-Alliance Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Bengough Savings & Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Bergengren Credit Union — Company, Nova Scotia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Biggar & District Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Biweekly Accelerated Payment — Definition,
- A mortgage that schedules payments every two weeks instead of the standard monthly payment. The 26 biweekly payments are each equal to one-half of the monthly payment. The result for the borrower is a substantial reduction in interest payments because the mortgage is paid off sooner.
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