Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Finance Charge


Synonyms:cost of financing, financing charges, lending fees
Filed Under: financial-banking, mortgages
Tags: banking, finance, mortgage
 

Definition of finance charge

finance charge
1. The charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums and certain other charges related to a loan.

Related Terms and Acronyms:

  • commitment fee   A fee paid by a borrower to a lender who promises to lend money on certain terms for a specified time period.
  • disclosure   A statement listing potential defects to a property, such as the possible existence of lead paint or radon.
  • interest (IN, int)   Money paid for the use of borrowed funds, usually expressed as an annual percentage.
      ➥  Bank account transaction code.
  • interest rate (IR)   The rate a lender charges an individual to borrow money.
  • legal fees and disbursements   Charges paid on your behalf by a solicitor that are in addition to professional costs.
  • mortgage (mtg)   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 insurance   Insurance that protects a lender if a homeowner fails to pay off his or her mortgage.
      ➥  CanEquity offers mortgage insurance.
  • mortgage life insurance   Insurance that covers the costs of paying off a mortgage if the insured dies or becomes disabled.

Search the Glossary

Compare Mortgage Rates Here
Interested in viewing current mortgage rates? Compare rates from all the best lenders in Canada using our mortgage rate comparison chart and find the lowest one.
Mortgage Rate Comparison
 
Mortgage Rates
Mortgage rates are at the lowest they've been in years. Lock in while you still have a chance to take advantage of these historically low rates.
Mortgage Rates
 
Brand New Mortgage Calculator
Ultra? Super? Fantastic? All three are good words to describe our brand new mortgage calculator. We've added tons and tons of new features-- far too many to list. Try it and see for yourself.
Ultra Super Fantastic Mortgage Calculator