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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Banking Terms

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privately held companyDefinition (Investments, Financial-banking)
A company that is not listed on a stock exchange.
probateDefinition (Financial-banking)
The process of deciding the validity of a deceased person's will and appointing an executor.
probate saleDefinition (Estate-management, Real-estate, Financial-banking, Legal-contracts)
Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
profitDefinition (Investments, Financial-banking)
When revenues exceed expenses.
Progressive Credit UnionBank, New Brunswick, Canada
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
property valueDefinition (Real-estate, Financial-banking)
The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
proprietorDefinition (Real-estate, Financial-banking, Legal-contracts)
The owner of a business or property.
Prospera Credit UnionBank, British Columbia, Canada
Prosperity One Credit UnionBank, Ontario, Canada
protected cell company (SPC)Definition (Investments, Financial-banking)
A company that separates its assets and liabilities into a number of 'cells' to shield itself and each 'cell' from losses.
province of domicileDefinition (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Legal-contracts)
The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
provision for credit losses (PCL)Canada
The amount deducted from income equal to the amount by which a bank adjusts its loan balances to reflect anticipated losses on them.
publicly traded companyDefinition (Investments, Financial-banking)
A company that is sold on a stock exchange.
purchase agreementDefinition (Real-estate, Financial-banking)
A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
purchase at merchant (PR)Acronym (Bank Statements)
  ➥  Bank account transaction code.
purchase line of credit (PLOC)Acronym
purchase optionDefinition (Automotive, Real-estate, Financial-banking)
An agreement where a portion of monthly rent can be credited toward the purchase of a property.
qualifying rateDefinition (Mortgages, Financial-banking)
The mortgage rate that one must qualify for when applying for a variable rate or a term less than 5 years, so that if rates increase, the borrower can continue to make payments.
qualifying ratiosDefinition (Mortgages, Financial-banking)
As calculated by lenders, the percentage of income that is spent on housing debt and combined household debt. The first qualifying ratio, called the gross debt service or GDS is up to and including a maximum of 32% of the combined gross family income. The second qualifying ratio is the Total debt service or TDS is up to and including 40% of gross income.
quantum meruitDefinition (Financial-banking, Legal-contracts)
Used in contract law it means "reasonable value of services."
quick liquidity ratioDefinition (Investments, Financial-banking)
A metric used to find if a company has enough liquidity to make it's short term financial obligations.
Quintessential Credit Union (QCU)Bank Est.1954, Ontario, Canada
Radius Credit UnionBank, Saskatchewan, Canada
rateDefinition (Investments, Mortgages, Financial-banking)
Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
rate capDefinition (Mortgages, Financial-banking)
A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
rate holdDefinition (Mortgages, Financial-banking)
The length of time, typically between 60 and 120 days, that a lender will guarantee a loan's interest rate once you are locked in.
rate indexDefinition (Mortgages, Financial-banking)
A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
rate lock-inDefinition (Mortgages, Financial-banking)
A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
ratioDefinition (Mortgages, Financial-banking)
Comparison of two figures used to evaluate business performance, such as debt/equity ratio and return on investment.
Raymore Savings & Credit UnionBank, Saskatchewan, Canada
real estate investment banking (REIB)Acronym
real time gross settlement (RTGS)Acronym
rebateDefinition (Automotive, Financial-banking)
A manufacturer's reduction on the price of a car as an incentive to buyers. Rebates appeal to people with no credit or less-than-perfect credit who cannot qualify for the lowest-rate loan. A rebate may also appeal to first-time buyers who don't have a lot of cash for a down payment or another car to trade in.
rebate cardDefinition (Financial-banking)
This is a credit card that allows the customer to accumulate cash, merchandise or services based on card usage.
receivershipDefinition (Investments, Mortgages, Financial-banking, Legal-contracts)
A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
recessionDefinition (Investments, Financial-banking)
A prolonged period (popularly defined as two successive quarters) in which economic activity shrinks.
reciprocal insurance exchangeDefinition (Insurance, Financial-banking)
A group of individuals, firms and corporations that mutually insure each other.
recognized gain or lossDefinition (Investments, Taxation, Financial-banking)
The amount of gain or loss reported for income tax purposes. You may be able to defer recognizing gain or loss on certain property exchanges, such as like-kind exchanges.
reconciliationDefinition (Financial-banking)
Checking all bank account papers to make sure that the bank's records and your records agree.
recurring electronic funds transfer (REFT)Acronym
Reddy Kilowatt Credit Union (RKCU)Bank Est.1956, Newfoundland and Labrador, Canada
refinanceDefinition (Mortgages, Financial-banking)
To arrange a new loan for an increased amount or better terms whereby the old loan is paid off from the proceeds of the new loan.
refundDefinition (Taxation, Financial-banking)
To give back, return, or repay.
regional bankDefinition (Financial-banking)
A bank with a primary market in a regional or metropolitan area but takes deposits from throughout the province in which it is located. Usually called a Credit Union in Canada.
Regional Development Bank (RDB)Company Est.1985, Sri Lanka
Regional Rural Development Bank (RRDB)Acronym
relationship-based pricing (RBP)Acronym
relocation benefitsDefinition (Financial-banking)
Money and other consideration that an employer gives to employees who move or are transferred at the company's behest. Can include reimbursement for packing and moving, house-hunting trips, and temporary housing and storage.
relocation companyDefinition (Financial-banking)
A business that specializes in providing help to employees who move for their employer.
remaining balanceDefinition (Mortgages, Financial-banking)
Unpaid principal on a loan.
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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
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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