Mortgage Terminology

4. The client’s ability to repay the debt.
6. The annual interest rates applicable to residential mortgage loans in Canada.
7. The expiry date of a mortgage or loan contract, when outstanding balance is due. (2 words)
9. An agency that supplies credit information to credit grantors. (2 words)
10. Current outstanding debt obligations owed.
11. When the mortgage transaction is finalized and funds are advanced. (2 words)
12. A client’s option to move their existing residential mortgage when they move.
14. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)

1. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
2. Total assets less total liabilities. (2 words)
3. The individual(s) who borrowed money.
4. Assets offered to support a credit application.
5. Number of years or months it takes to repay the obligation in full, based upon current terms.
8. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.
11. The care and responsibility a client has demonstrated regarding their financial affairs.
13. The primary client on the credit application.