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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Creative Financing


Synonyms:creative mortgage, hard money loans, private lender, suited mortgage
Filed Under: financial-banking, mortgages
Tags: banking, finance, mortgage
 

Definition of creative financing

creative financing
1. An innovative or unusual way of structuring a mortgage loan to allow the buyer to purchase the property.

Related Terms and Acronyms:

  • Accredited Mortgage Professional (AMP)   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).
  • cash back mortgage   A mortgage that provides the borrower a lump sum cash payment.
  • home loan   A loan used to buy a home is referred to as a "mortgage."
  • Mortgage Broker (MB)   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.
  • no money down mortgage   Available in Canada as a true 100% mortgage financing product.
  • no-documentation loan   A mortgage in which the applicant provides a minimum of information -- name, address, Social Insurance number (so credit reports can be pulled), and contact information for an employer, if there is one. The underwriter decides on the loan based on the applicant's credit history, the appraised value of the house and size of down payment.
  • private lender   A lender not associated with a traditional lender.
  • social insurance number (SIN)   Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
      ➥  A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks.
  • vendor take back   Where the seller of the property provides all or some of the financing in order to sell the property.
  • zero down mortgage   A mortgage product that allows the borrower to financing 100% of their property.

More Related Terms and Acronyms

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