Mortgage Brokerage

Definition

  • A mortgage professional or group of mortgage professionals who work to pair borrowers with lenders. A mortgage brokerage aims to find their clients the best mortgage products at the best mortgage rates.

Notes
CanEquity is a mortgage brokerage.

Synonyms
Lender, mortgage associate, loan officer, mortgage broker, mortgage specialist, Loan Processing, brokerage

Related Terms and Acronyms

  • Broker (Bkr) Abbreviation,
    • A person or firm who acts on behalf of another.
  • Conventional Mortgage Definition, Important,
    • A mortgage that is not insured or guaranteed by CMHC or GE Capital.
  • Convertible Mortgage Definition, Important,
    • A mortgage where the borrower has the option at specified times to change the term length.
  • Loan Definition,
    • Letting another party use something of value temporarily.
  • Loan Application Definition,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • 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 Banker Definition, Important,
    • An employee of a large bank who finds financing for the general public.
  • Mortgage Broker (MB) Acronym, Important,
    • One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
  • Mortgage Insurance Definition, Very Important,
    • Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
    • A policy covering a mortgagor from which the benefits are intended (a) to pay off the balance due on a mortgage upon the death of the insured, or (b) to meet the payments on a mortgage as they fall due in the case of his death or disability.
    CanEquity offers mortgage insurance.
  • Mortgage Rate Definition, Very Important,
    • The interest rate on a mortgage loan.
    You can compare mortgage rates using this website by clicking 'Rates' above.
  • 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.
  • No Money Down Mortgage Definition, Important,
    • Available in Canada as a true 100% mortgage financing product.
  • Zero Down Mortgage Definition,
    • A mortgage product that allows the borrower to financing 100% of their property.
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