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Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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personal savingsDefinition (Investments, Taxation, Financial-banking)
Put own money away.
personal savings account (PSA)Acronym
personalized chequeDefinition (Financial-banking)
A cheque which has your name and account number printed on it.
Peterborough Community Credit Union (PCCU)Bank Est.1939, Peterborough, Ontario, Canada
Pierceland Credit UnionBank, Saskatchewan, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Pincher Creek Credit Union (PCCU)Bank, Alberta, Canada
Plainsview Credit UnionBank, Saskatchewan, Canada
pointDefinition (Mortgages, Financial-banking)
A point equals 1 percent of a mortgage loan. Some lenders charge "origination points" to cover expenses of making a loan. Some borrowers pay "discount points" to reduce the loan's interest rate.
policyDefinition (Insurance, Financial-banking, Legal-contracts)
An insurance contract.
policy loanDefinition (Estate-management, Insurance, Financial-banking)
A loan where a life insurance policyholder's death benefit is used as collateral.
Polish (London) Credit UnionBank, Ontario, Canada
Polish (St. Catharines) Credit UnionBank, Ontario, Canada
Porcupine Credit UnionBank, Saskatchewan, Canada
Portage Credit Union (PCU)Bank, Manitoba, Canada
portfolioDefinition (Investments, Financial-banking)
A collection of investments.
portfolio lenderDefinition (Investments, Mortgages, Financial-banking)
A company that underwrites mortgage loans and keeps them on the books instead of selling them on the secondary market.
possessionDefinition (Real-estate, Financial-banking)
Something that is owned.
posted rateDefinition (Mortgages, Financial-banking)
The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
Powell River Credit Union (PRCU)Bank Est.1939, Powell River, British Columbia, Canada
  ➥  Now called First Credit Union.
power of saleDefinition (Mortgages, Financial-banking, Legal-contracts)
The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
Prairie Centre Credit Union (PCCU)Bank Est.2006, Saskatchewan, Canada
Prairie Mountain Credit Union (PMCU)Bank, Manitoba, Canada
pre-approvalDefinition (Mortgages, Financial-banking)
A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise funds needed to purchase.
pre-approval letterDefinition (Mortgages, Financial-banking, Legal-contracts)
A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
pre-approved credit card (PACC)Acronym
pre-authorized chequing (PAC)Acronym
pre-authorized debit (PAD)Definition
A way to set up a monthly payment to be automatically paid from a bank account.
  ➥  A PAD Agreement allows a payee to direct debit the bank account of a payor.
pre-authorized paymentsDefinition (Financial-banking)
A way to set up a monthly payment to be automatically paid from a bank account.
pre-computed loanDefinition (Automotive, Financial-banking)
With a pre-computed loan, the interest owed over the life of the loan is calculated using a standard amortization table. After signing for this type of vehicle loan, the borrower is obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the loan.
pre-paid expensesDefinition (Mortgages, Real-estate, Taxation, Insurance, Financial-banking)
also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
pre-paid interestDefinition (Mortgages, Taxation, Financial-banking)
Interest that a borrower pays before it is due, usually to save taxes.
pre-paymentDefinition (Mortgages, Financial-banking)
Applying additional payments towards the balance of a mortgage loan.
pre-payment clauseDefinition (Mortgages, Financial-banking, Legal-contracts)
A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
pre-payment penaltyDefinition (Mortgages, Financial-banking, Legal-contracts)
A lender's charge to the borrower for paying off the loan before the end of the term.
pre-qualificationDefinition (Mortgages, Financial-banking)
An informal process in which a lender will offer an opinion on how much money you may be able to borrow. This opinion is based entirely on the financial information you provide and is neither binding nor necessarily accurate because lenders have not yet verified your financial information.
premiumDefinition (Insurance, Financial-banking)
A payment made to an insurance company for insurance coverage.
President's Choice Financial (PCF)Company, Canada-wide
previous balanceDefinition (Financial-banking)
Some credit card issuers base finance charges on the amount owed by the account holder at the end of the previous billing cycle.
price-level-adjustable-rate mortgage (PLAM)Acronym
prime lending rate (PLR)Definition (Investments, Mortgages, Financial-banking)
The rate of interest charged on loans by chartered banks to their most creditworthy customers.
  ➥  Bank of Canada's prime (best) lending rate.
prime rateDefinition (Mortgages, Financial-banking)
The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
Princess Credit UnionBank, Nova Scotia, Canada
principalDefinition (Mortgages, Financial-banking)
The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
principal and interest (P&I, PI)Definition (Mortgages, Financial-banking)
Acronym for the elements of a mortgage payment: principal and interest.
private annuityDefinition (Investments, Annuities, Taxation, Financial-banking)
An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
private banking international (PBI)Acronym
private banking online (PBO)Acronym
private equityDefinition (Investments, Financial-banking)
Equity not traded on a stock exchange.
private healthcareDefinition (Taxation, Insurance, Financial-banking)
Health services no provided by the government, often paid out of pocket.
private lenderDefinition (Mortgages, Financial-banking)
A lender not associated with a traditional lender.
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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
Page 17: Credit Card
Page 18: Declining Life Insurance
Page 19: Earl Grey Credit Union
Etobicoke Aluminum Employees...
Page 20: Etobicoke Teachers Credit...
Page 21: Foam Lake Savings & Credit...
Gross International Reserves
Page 22: Gross Overtime
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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