- A company that underwrites mortgage loans. Mortgage lenders are often banks, but this is not always the case. Mortgage brokers strive to match their clients with mortgage lenders that offer the best mortgage products at the best rates.
Used internally by mortgage brokers and mortgage lenders.
Related Terms and Acronyms
- Lender — Definition,
- The bank or mortgage company offering the loan.
- Loan Commitment — Definition,
- A lender's promise to advance a specific sum on specific terms.
- 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 Rate — Definition, Very Important,
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
- The interest rate on a mortgage loan.
- No Money Down Mortgage — Definition, Important,
- Available in Canada as a true 100% mortgage financing product.
- Prime Lending Rate (PLR) — Acronym, Very Important,
➥ Bank of Canada's prime (best) lending rate.
- The rate of interest charged on loans by chartered banks to their most creditworthy customers.
- Refinance — Definition,
- 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.
- Sub-prime Mortgage — Definition, Important,
- A mortgage loan that is granted to a borrower who is considered sub-prime (has a less-than-perfect credit report). Sub-prime borrowers have either missed payments on a debt or have made late payments. Lenders charge a higher interest rate to compensate for potential losses from customers who may default on the loan.
- Zero Down Mortgage — Definition,
- A mortgage product that allows the borrower to financing 100% of their property.