Mortgage Terminology

2. The care and responsibility a client has demonstrated regarding their financial affairs.
5. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.
6. A pre-determined amount of cash upon demand. (3 words)
7. The annual interest rates applicable to residential mortgage loans in Canada.
9. The expiry date of a mortgage or loan contract, when outstanding balance is due. (2 words)
10. Assets offered to support a credit application.
15. Number of years or months it takes to repay the obligation in full, based upon current terms.
17. The primary client on the credit application.

1. The individual(s) who borrowed money.
2. When the mortgage transaction is finalized and funds are advanced. (2 words)
3. An agency that supplies credit information to credit grantors. (2 words)
4. Payable when the purchase of a property is closed. (2 words)
8. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
11. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
12. A client’s option to move their existing residential mortgage when they move.
13. The client’s ability to repay the debt.
14. Current outstanding debt obligations owed.
16. Total assets less total liabilities. (2 words)