Prime Lending Rate
Is a company: no
Is a proper noun: no
Notes: Bank of Canada's prime (best) lending rate.
- prime rate
- best lending rate
- best interest rate
- lowest interest rate
- preferred rate
- Prime rate
Definition of Prime Lending Rate
- The rate of interest charged to creditworthy bank client for loans offered by chartered banks.
Related Terms and Acronyms
- Variable Rate — Definition,
- A floating percentage value that fluctuates based on certain conditions.
- Bank of Canada (BC, BOC) — Company Est. 1935, Ottawa, Ontario, Canada, Important,
➥ Canada's central bank.
- Canada's central bank.
- Prime Rate — Definition,
- The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
- Posted Rate — Definition,
- The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- 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.
- Mortgage Lender (ML) — Acronym, Very Important,
➥ Used internally by mortgage brokers and mortgage lenders.
- A lender that offers mortgages, often through a mortgage broker.
- Overnight Rate — Definition,
- The interest rate banks use to lend or borrow funds from each other.
- Sub-prime Borrower — Definition,
- A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.
- 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.
- Mortgage Rate — Definition, Very Important,
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
- The interest rate on a mortgage loan.
- Conventional Mortgage — Definition, Important,
- A mortgage that is not insured or guaranteed by CMHC or GE Capital.
- 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.
- Loan — Definition,
- Letting another party use something of value temporarily.
- Private Lender — Definition,
- A lender not associated with a traditional lender.
- Interest (int, IN) — Acronym & Abbreviation,
➥ Bank account transaction code.
- Money paid for the use of borrowed funds, usually expressed as an annual percentage.
- Interest Rate (IR) — Acronym, Very Important,
- The rate a lender charges an individual to borrow money.
- Lender — Definition,
- The bank or mortgage company offering the loan.