Mortgage Terminology

3. An opinion of the market value of real property. (2 words)
4. A pre-determined amount of cash upon demand. (3 words)
6. The expiry date of a mortgage or loan contract, when outstanding balance is due. (2 words)
7. An agency that supplies credit information to credit grantors. (2 words)
9. Number of years or months it takes to repay the obligation in full, based upon current terms.
10. The client’s ability to repay the debt.
12. When the mortgage transaction is finalized and funds are advanced. (2 words)
13. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.
14. The primary client on the credit application.
15. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
16. Total assets less total liabilities. (2 words)
17. The annual interest rates applicable to residential mortgage loans in Canada.
18. The individual(s) who borrowed money.

1. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
2. A fixed period of time for which an interest rate is offered. (2 words)
5. Current outstanding debt obligations owed.
7. Payable when the purchase of a property is closed. (2 words)
8. A client’s option to move their existing residential mortgage when they move.
10. The care and responsibility a client has demonstrated regarding their financial affairs.
11. Assets offered to support a credit application.