Mortgage Broker

Definition

  • An individual who finds clients perspective lenders at no charge. Mortgage Brokers have special relationships with lenders and can offer clients the best rates and service in Canada. CanEquity goes to great lengths to ensure our clients are serviced by the best Mortgage Brokers in the country.

Synonyms
mortgage brokerage, mortgage associate, brokerage, mortgage specialist, loan officer

Acronyms
MB

Related Terms and Acronyms

  • Accredited Mortgage Professional (AMP) Acronym, Canada, Very Important,
    • 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).
  • Agent (agt) Abbreviation,
    • 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.
  • Bank Definition,
    • An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
  • Borrow Definition,
    • Sand, gravel or other material used for grading; a slope.
    • To get a loan of money.
  • Borrower Definition,
    • A person who borrows money or obtains a loan.
  • Broker (Bkr) Abbreviation,
    • A person or firm who acts on behalf of another.
  • Broker-Agent Definition,
    • An individual, usually in the employ of an insurance company, that is licensed as both an insurance broker and agent.
  • Building and Loan Association Definition,
    • A financial institution designed to help members finance real-estate transactions.
  • Buyer Broker Definition,
    • One who earns a commission from the buyer of a property in exchange for finding a seller and assisting in negotiation.
  • Commission (comm) Abbreviation,
    • An agent's fee for negotiating a real estate or mortgage loan transaction, often expressed as a percentage of the selling price.
    • A fee paid to a salesperson for selling a product to a customer.
  • Commitment Definition,
    • A written agreement from a lender promising to lend money on certain terms for a specified time period.
  • Conventional Mortgage Definition, Important,
    • A mortgage that is not insured or guaranteed by CMHC or GE Capital.
  • Creative Financing Definition,
    • An innovative or unusual way of structuring a home loan that allows the buyer to buy the house.
  • Debt Consolidation Definition,
    • The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • Finder Fee Definition,
    • A fee paid by a party to another for services rendered.
  • Fixed Rate Mortgage (FRM) Acronym, Very Important,
    • A loan in which the interest rate and payments remain the same for the entire life of the loan. The interest rate and payment amounts are set at the time of loan origination.
  • Flat Fee Definition,
    • A fixed charge that a broker requests instead of a commission.
  • Home Loan Definition,
    • A loan used to buy a home is referred to as a "mortgage."
  • Insurance Broker Definition,
    • An agent who sells insurance policies.
  • Lender Definition,
    • The bank or mortgage company offering the loan.
  • Loan Definition,
    • Letting another party use something of value temporarily.
  • Loan Origination Definition,
    • The process of applying for a loan and the handling of that application by a lender.
  • Loan Processing Definition,
    • The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
  • Low-down Mortgages Definition, Important,
    • Mortgages with a low down payment, usually less than 10 percent.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Mortgage Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Mortgage Banker Definition, Important,
    • An employee of a large bank who finds financing for the general public.
  • Mortgage Broker Loan Officer (MBLO)Acronym,
    • Mortgage Broker/Lender (MBL)Acronym, Important,
      • Mortgage Brokerage Definition, Very Important,
        • An individual or group who brokers deals between their clients and lenders.
        CanEquity is a mortgage brokerage.
      • Mortgage Lender (ML) Acronym, Very Important,
        • A lender that offers mortgages, often through a mortgage broker.
        Used internally by mortgage brokers and mortgage lenders.
      • Mortgage Renewal Definition, Very Important,
        • A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
      • Mortgagee Definition, Important,
        • The lender in a mortgage transaction.
      • Mortgagor Definition,
        • The borrower in a mortgage transaction.
      • Origination Fee Definition,
        • The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
      • Point Definition,
        • 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.
      • Posted Rate Definition,
        • The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
      • Pre-approval Letter Definition,
        • 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.
      • Prime Lending Rate (PLR) Acronym, Very Important,
        • The rate of interest charged on loans by chartered banks to their most creditworthy customers.
        Bank of Canada's prime (best) lending rate.
      • Private Lender Definition,
        • A lender not associated with a traditional lender.
      • Real Estate Broker Definition,
        • An individual who is licensed to represent a buyer or a seller of real estate and collects commissions for the work. Most brokers have agents working for them and they collect a portion of those commissions in exchange for providing office space, marketing, and other overhead.
      • Refinancing Definition,
        • The act of paying off one mortgage with another mortgage to take advantage of lower interest rates. Refinancing is also used to transform equity into cash for vacations, home improvements, or for consolidating debt.
      • Seller Broker Definition,
        • One who earns a commission from the seller of a property in exchange for finding a buyer and assisting in negotiation.
      • Testimonial Definition,
        • A statement of support for a product or service.
      • Third-party Originator Definition,
        • One who takes all or part of the mortgage application and transfers or sells it to a lender.
      • Underwriter Definition,
        • An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
      • Underwriting (UW) Acronym, Important,
        • Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
        • The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
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