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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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lock-inDefinition (Mortgages, Financial-banking)
A lender's guarantee that the mortgage rate quoted will not change for a specific period. The borrower wants the lock to stay in effect until closing.
London Fire Fighters' Credit Union (LFFCU)Bank Est.1947, London, Ontario, Canada
London Interbank Bid Rate (LIBID)Acronym
London Interbank Offered Rate (LIBOR)Acronym
long-term capital lossDefinition (Investments, Financial-banking)
Your profit from the sale of a capital asset that you held for more than 12 months.
long-term liabilitiesDefinition (Financial-banking)
Money owed over a period longer than 12 months, such as mortgages, bank loans, and other obligations.
lossDefinition (Investments, Financial-banking)
When expenses are larger than revenues.
low-documentation loanDefinition (Mortgages, Financial-banking, Legal-contracts)
A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
low-down-payment loanDefinition (Mortgages, Financial-banking)
A mortgage where the borrower puts down a small amount and borrows a high percentage of the purchase price.
lpq amountDefinition (Mortgages, Financial-banking)
A term used by CanEquity which is short for Loan, Purchase or Qualification amount.
Luminus FinancialBank Est.2011, Ontario, Canada
  ➥  Formerly Starnews Credit Union which was established in 1951. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
lump sum paymentDefinition (Investments, Mortgages, Annuities, Financial-banking)
One-time single-sum payment or payout.
Luseland Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Macklin Credit UnionBank, Saskatchewan, Canada
macroeconomicsDefinition (Investments, Financial-banking)
A study of the economy as a whole, particularly the interaction of its various components.
marginDefinition (Investments, Mortgages, Financial-banking)
The difference between the cost and the selling price.
marginal propensity to consume (MPC)Acronym
Margosa Credit UnionBank, Ontario, Canada
marital deductionDefinition (Taxation, Financial-banking)
For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.
market conditionsDefinition (Investments, Real-estate, Financial-banking)
Factors that affect the sales of homes in an area, such as interest rates, the unemployment rate, home appreciation, weather and time of year.
market index deposit (MID)Acronym
maturityDefinition (Investments, Mortgages, Financial-banking)
The date when the principal balance of a loan is due and payable to the lender. Also, the date when a bond pays off its principal.
maturity guaranteeDefinition (Investments, Estate-management, Annuities, Insurance, Financial-banking, Legal-contracts)
A guarantee that after a certain date a contract, such as a life insurance policy or annuity, will have a minimum dollar value.
maximum payable interest rate (MPIR)Acronym
McMaster Savings and Credit Union (MCU)Bank, Hamilton, Ontario, Canada
  ➥  Merged with PACE Credit Union in 2012. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Me-Dian Credit Union of ManitobaBank, Manitoba, Canada
median priceDefinition (Real-estate, Financial-banking)
In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
Member Savings Credit Union (MSCU)Bank Est.1949, Toronto, Ontario, Canada
  ➥  Originally called the LCBO Employees Credit Union (Liquor Control Board of Ontario). A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
MemberOne Credit Union (MOCU)Bank Est.1954, Toronto, Ontario, Canada
Mennonite Savings and Credit Union (MSCU)Bank Est.1964, Ottawa, Ontario, Canada
merchandise return (RN)Acronym (Bank Statements)
  ➥  Bank account transaction code.
merchant deposit (ST)Acronym (Bank Statements)
merchant reversal (RV)Acronym (Bank Statements)
merged credit reportDefinition (Mortgages, Financial-banking)
A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
Meridian Credit Union (MCU)Bank Est.1948, Ontario, Canada
  ➥  Ontario's largest credit union. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Metro Credit UnionBank, Nova Scotia, Canada
microeconomicsDefinition (Investments, Financial-banking)
Looking at the individual parts of the economy, with emphasis given to the market process and how it works.
Midale Credit UnionBank, Saskatchewan, Canada
minimum average balance to avoid feesDefinition (Financial-banking)
The balance in the account from day-to-day must average this amount when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or per usage transaction charges.
minimum balance to open an accountDefinition (Financial-banking)
The minimum initial deposit required to open a bank account.
minimum monthly balanceDefinition (Financial-banking)
The least amount of money in a bank account during an entire month.
minimum paymentDefinition (Financial-banking)
The minimum amount a cardholder must pay to keep the account from defaulting. Some card issuers set high minimums if they are uncertain of the cardholder's ability to pay. Most card issuers require a minimum payment of three to five percent of the outstanding balance.
Minnedosa Credit UnionBank, Manitoba, Canada
mint conditionDefinition (Automotive, Real-estate, Financial-banking)
A term describing a building or item that's just like new.
mis-sellingDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
mixed-income housingDefinition (Real-estate, Financial-banking)
A neighbourhood whose residents earn widely varying wages and salaries.
modificationDefinition (Mortgages, Financial-banking)
A change in terms of the loan agreement.
Momentum Credit Union (MCU)Bank Est.1939, Hamilton, Ontario, Canada
  ➥  Formerly known as Twin Oak Credit Union and Hamilton Community Credit Union before the merger in 2010. A Canadian NHA approved mortgage lender that offers all lending types.
monetary policyDefinition (Investments, Mortgages, Financial-banking, Legal-contracts)
The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
monetary policy committee (MPC)Acronym
  ➥  In relation to central banks.
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Lafleche Credit UnionLocal Taxes
 
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Lock-in — Monetary Policy Committee
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Monetary Policy Report...Non-owner Occupant

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

Notable Terms

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