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Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
76% - Very Often
76% - Very Often
|Synonyms:||Internet mortgage, e-mortgage, home loan application, mortgage app, mortgage form, mortgage query, online mortgage, secure mortgage application|
|Filed Under:||financial-banking, legal-contracts, mortgages|
|Tags:||banking, contract, legal, mortgage|
Definition of mortgage application
- mortgage application
- 1. A document or form that is filled out by a prospective borrower to qualify for a loan. The application requires the borrower to provide detailed information about his or her financial situation.
Related Terms and Acronyms:
- closed mortgage Closed mortgages involve a strict repayment schedule of a specific amount with optional limited lump sum payments and payment increases.
combined loan-to-value (CLTV)
The connection between the unpaid principal balances of all the mortgages on a property (first and second usually) and the property's appraised value (or sales price, if it is lower).
➥ A term used by mortgage lenders and mortgage underwriters.
- convertible mortgage A mortgage where the borrower has the option at specified times to change the term length.
gross debt service (GDS)
The total monthly mortgage (or rent) payments, property taxes, utilities and maintenance fees as a percentage of gross monthly income.
➥ Used by mortgage lender underwriters to determine one's ability to qualify for a mortgage loan.
home equity loan (HEL)
A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
➥ Also known as an Equity Take Out (ETO).
The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
➥ A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.
- 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.
The interest rate on a mortgage loan.
➥ You can compare mortgage rates using this website by clicking 'Rates' above.
- mortgagee The lender in a mortgage transaction.
- no money down mortgage Available in Canada as a true 100% mortgage financing product.
More Related Terms and Acronyms
- co-mortgagor — Definition
- conventional mortgage — Definition
- debt consolidation — Definition
- encryption — Definition
- full income verification — Definition
- lead lender — Definition
- loan application — Definition
- lpq amount — Definition
- origination date — Definition
- origination fee — Definition
- pre-approval — Definition
- pre-approval expiry date — Definition
- pre-qualification — Definition
- rate hold — Definition
- secure socket layer (SSL) — Acronym
- tenure — Definition
- third-party originator — Definition
- type 'a' property — Definition
- type 'b' property — Definition
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