Mortgage Terminology

6. The individual(s) who borrowed money.
7. Assets offered to support a credit application.
9. An agency that supplies credit information to credit grantors. (2 words)
11. A client’s option to move their existing residential mortgage when they move.
12. When the mortgage transaction is finalized and funds are advanced. (2 words)
14. Current outstanding debt obligations owed.
16. Total assets less total liabilities. (2 words)

1. The care and responsibility a client has demonstrated regarding their financial affairs.
2. The annual interest rates applicable to residential mortgage loans in Canada.
3. The expiry date of a mortgage or loan contract, when outstanding balance is due. (2 words)
4. A pre-determined amount of cash upon demand. (3 words)
5. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
8. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
10. Number of years or months it takes to repay the obligation in full, based upon current terms.
12. The client’s ability to repay the debt.
13. The primary client on the credit application.
15. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.