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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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Lafleche Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
LaHave River Credit UnionBank, Nova Scotia, Canada
Lake View Credit UnionBank, British Columbia, Canada
Lakeland Credit UnionBank, Alberta, Canada
landlordDefinition (Real-estate, Financial-banking)
One who rents or leases his or her property to another person or a business.
large value transfer system (LVTS)Definition (Financial-banking)
System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
large volume account list total (LT)Acronym (Bank Statements)
  ➥  Bank account transaction code.
late chargeDefinition (Mortgages, Financial-banking)
A fee imposed on a borrower for not paying on time
late paymentDefinition (Mortgages, Financial-banking)
A sum a borrower sends to a lender that is received past the date when it was due.
Latvian Credit Union (LCU)Bank Est.1959, Ontario, Canada
Laurentian Bank (LB)Company, Canada
Laurentian Bank of Canada (LBC)Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages. Also offers reverse mortgages.
lead lenderDefinition (Mortgages, Financial-banking)
A financial institution which heads up a financial consortium or syndicate to provide funds for a mortgage.
lease (lse)Definition (Automotive, Financial-banking, Abbreviation)
A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
lease extensionDefinition (Real-estate, Financial-banking)
The continuation of an existing lease, at the original monthly payment, usually on a month-by-month basis.
lease optionDefinition (Real-estate, Financial-banking, Legal-contracts)
A written agreement in which an owner allows an individual to use a property in exchange for rent, and also gives that individual the right to buy the property for a specified price within a specified period
leasehold (l/h)Definition (Real-estate, Financial-banking, Abbreviation)
Land or property held under a lease for a term of years.
Legacy Saving & Credit UnionBank, Alberta, Canada
legal fees and disbursementsDefinition (Mortgages, Real-estate, Financial-banking)
Charges paid on your behalf by a solicitor that are in addition to professional costs.
lenderDefinition (Mortgages, Financial-banking)
The bank or mortgage company offering the loan.
LeRoy Credit UnionBank, Saskatchewan, Canada
Lethbridge Legion Savings & Credit UnionBank, Alberta, Canada
letter of credit (L/C)Definition (Financial-banking, Legal-contracts)
A letter authorizing a person or company to draw on a bank or stating that the bank will honour the credit up to the stated amount.
level paymentDefinition (Mortgages, Financial-banking)
A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
leverageDefinition (Investments, Financial-banking)
The use of a small amount of cash and a large loan to buy something.
leveraged propertyDefinition (Mortgages, Financial-banking)
A property financed with mortgage debt.
levyDefinition (Taxation, Financial-banking, Legal-contracts)
A cost imposed on an individual or entity.
liabilitiesDefinition (Investments, Financial-banking)
A borrower's debts and legal obligations.
Libro Credit UnionBank, Ontario, Canada
line of credit (LOC)Definition (Financial-banking)
A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
liquid assetsDefinition (Investments, Financial-banking)
Cash and other property that can be converted quickly and easily into cash.
liquidationDefinition (Real-estate, Financial-banking)
To convert into cash.
liquidityDefinition (Financial-banking)
The ability to convert assets to cash quickly, without significant losses.
Lloyd's of LondonCompany
A market for insurance and reinsurance based in London, England where Lloyd's members, underwriters and financial backers can spread and share risk.
lloyd's syndicatesDefinition (Investments, Insurance, Financial-banking)
A group of Lloyd's of London underwriters.
loanDefinition (Investments, Mortgages, Financial-banking, Legal-contracts)
Letting another party use something of value temporarily.
loan advance (LP)Acronym (Bank Statements)
loan applicationDefinition (Mortgages, Financial-banking)
A document in which a prospective borrower details his or her financial situation to qualify for a loan.
loan application feeDefinition (Mortgages, Financial-banking)
A cost charged by a lender for processing loan application documents that are submitted by prospective borrowers.
loan commitmentDefinition (Mortgages, Financial-banking)
A lender's promise to advance a specific sum on specific terms.
loan interest (LI)Acronym (Bank Statements)
loan originationDefinition (Mortgages, Financial-banking)
The process of applying for a loan and the handling of that application by a lender.
loan payment (LN)Acronym (Bank Statements)
loan processingDefinition (Mortgages, Financial-banking)
The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
loan servicingDefinition (Mortgages, Financial-banking)
Supervising a loan after it has been made. This could involve collecting payments, keeping accounting records, computing interest and principal, etc.
loan sharkDefinition (Financial-banking)
A lender that provides loans at usuriously high interest rates, often ensuring repayment with the threat of force.
loan termDefinition (Mortgages, Financial-banking, Legal-contracts)
The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
loan-in-process (LIP)Acronym
loan-to-value (LTV)Definition (Mortgages, Financial-banking)
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.
local taxesDefinition (Mortgages, Real-estate, Taxation, Financial-banking)
Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
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International Journal of...Ladysmith & District...
 
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Lafleche Credit Union — Local Taxes
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Lock-inMonetary Policy Committee

Search the Glossary

Index of Banking Terms

Page 1: 1st Choice Savings and...
Amortized Loan
Page 2: Amount Financed
Automatic Transfer of Loan...
Page 3: Automatic Transfer Service
Before-tax Income
Page 4: Belgian-Alliance Credit...
Caisse d'économie Desjardins...
Page 5: Caisse d'économie Desjardins...
Caisse Desjardins de Hull
Page 6: Caisse Desjardins de...
Caisse Desjardins de Saint...
Page 7: Caisse Desjardins de Saint...
Caisse Desjardins du Haut...
Page 8: Caisse Desjardins du Lac des...
Caisse populaire de Field
Page 9: Caisse populaire de...
Caisse populaire Desjardins...
Page 10: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 11: Caisse populaire Desjardins...
Caisse populaire Desjardins...
Page 12: Caisse populaire Desjardins...
Caisse populaire Madawaska
Page 13: Caisse populaire Mer et...
Canadian Payments...
Page 14: Canadian Western Bank
Cheques Returned with...
Page 15: Chequing Account
Commercial Real Estate...
Page 16: Commingling
Credit
Page 17: Credit Card
Debtor
Page 18: Declining Life Insurance
E-cheque
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Float
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
Instalment
Page 23: Instant Teller
International Investment...
Page 24: International Journal of...
Ladysmith & District Credit...
Page 25: Lafleche Credit Union
Local Taxes
Page 26: Lock-in
Monetary Policy Committee
Page 27: Monetary Policy Report...
Non-owner Occupant
Page 28: Non-Performing Loan
Ordinary Dividends
Page 29: Ordinary Income
Personal Property Taxes
Page 30: Personal Savings
Private Lender
Page 31: Privately Held Company
Remaining Balance
Page 32: Remaining Term
Same Day Funds Settlement
Page 33: Sandhills Credit Union
Split-Funded Annuity
Page 34: Spread
Tax Liability
Page 35: Tax Lien
Underwriting Expenses
Page 36: Underwriting Guide
Weyburn Credit Union
Page 37: Williams Lake and District...
Zero Balance

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