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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

Important Mortgage Terms

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Abstract of Title — Agent
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Alienation ClauseAppraisal
abstract of title (ab)Definition (Property Listing, Contract, Legal, Realty, Classifieds) (Mortgages, Real-estate, Abbreviation, Legal-contracts)
A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
  ➥  AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
acceleration clauseDefinition (Banking, Contract, Clause, Mortgage Lender, Legal) (Financial-banking, Legal-contracts)
A provision within a document that explains how the lender expects payment for a loan, in due haste.
acceptanceDefinition (Contract, Legal, Realty) (Mortgages, Real-estate, Legal-contracts)
A property seller's formal, written approval of a buyer's offer.
Accredited Mortgage Broker (AMB)Canada
Accredited Mortgage Professional (AMP)Canada
The Accredited Mortgage Professional (AMP) is the only national proficiency standard created by CAAMP for Canada's mortgage industry.
  ➥  Accreditation offered by Canadian Association of Accredited Mortgage Professionals (CAAMP).
accrueDefinition (Banking, Contract, Legal) (Mortgages, Financial-banking, Legal-contracts)
To gather together an amount often over a period of time.
accrued interestDefinition (Banking, Rates) (Mortgages, Financial-banking)
Interest which has already been earned but has not yet been paid.
acquisition feeDefinition (Banking) (Mortgages, Financial-banking)
A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.
add-on interestDefinition (Banking, Rates) (Mortgages, Financial-banking)
Interest that is computed at the beginning of the loan, then added to the principal, so that all must be repaid, even if the loan is paid off early.
additional principal paymentDefinition (Banking) (Mortgages, Financial-banking)
Extra money included with a loan payment to pay off the amount owed faster. Over time, this practice reduces the amount of interest paid.
additional propertyDefinition (Realty) (Mortgages, Real-estate)
A property that is owned by the person that is not being financed.
adjustment periodDefinition (Mortgages)
The time between changes in the interest rate in an adjustable-rate mortgage.
agency (agcy)Definition (Contract, Insurance, Investment, Realty, Classifieds, Property Listing, Banking, Legal) (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
agency closingDefinition (Banking, Contract, Legal, Realty) (Mortgages, Real-estate, Financial-banking, Legal-contracts)
The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
agent (agt)Definition (Property Listing, Insurance, Agent, Investment, Realty, Classifieds) (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
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Abstract of Title — Agent
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Alienation ClauseAppraisal

Search the Glossary

Index of Mortgage Terms

Page 1: Abstract of Title
Agent
Page 2: Alienation Clause
Appraisal
Page 3: Appraisal Fee
Assumption Mutual Life...
Page 4: Automated Pre-approval...
Blanket Mortgage
Page 5: Blended Rate Mortgage
Canada Mortgage Bonds
Page 6: Canadian Association of...
Central Bank
Page 7: Certified Mortgage Appraisal...
Collateral
Page 8: Collection
Conditional Commitment
Page 9: CONEXUS Credit Union
Credit
Page 10: Credit History
Debt Consolidation
Page 11: Debt to Income
Document Needs List
Page 12: Dominion Lending Centres
Finance Charge
Page 13: Financial Services...
Full Income Verification
Page 14: Fully Indexed Accrual Rate
High-ratio Mortgage
Page 15: Holdback
Housing-equity Partnership
Page 16: Hybrid Mortgage
Joint Credit
Page 17: Joint Liability
Leveraged Property
Page 18: Lien Holdback
Low-documentation Loan
Page 19: Low-down Mortgages
Mortgage Acceleration Clause
Page 20: Mortgage Application
Mortgage Interest Rate...
Page 21: Mortgage Investment...
Mortgage-Backed Security
Page 22: Mortgagee
Ontario Mortgage and Housing...
Page 23: Ontario Provincial Police...
Point
Page 24: Portfolio Lender
Prime Rate
Page 25: Principal
Rate Lock-in
Page 26: Ratio
Resident Alien
Page 27: Residential Mortgage Credit...
Secured Debt
Page 28: Self-Build Insurance
Subordinate Loan
Page 29: Sweat Equity
Umbrella Mortgage
Page 30: Underwriter
Vendor Take Back
Page 31: Verification of Loan
Zero Down Mortgage

Notable Terms

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