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 UnionCompany, 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 UnionCompany, 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 UnionCompany, 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 SocietyCompany, 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 UnionCompany, 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 UnionCompany, 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 UnionCompany, 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 UnionCompany, Saskatchewan, Canada,
                                A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
                              • Bergengren Credit UnionCompany, 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 UnionCompany, 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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