Mortgage Terminology

2. A client’s option to move their existing residential mortgage when they move.
4. Assets offered to support a credit application.
6. Number of years or months it takes to repay the obligation in full, based upon current terms.
8. The individual(s) who borrowed money.
10. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.
11. The annual interest rates applicable to residential mortgage loans in Canada.
12. The care and responsibility a client has demonstrated regarding their financial affairs.
14. The primary client on the credit application.
15. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)

1. When the mortgage transaction is finalized and funds are advanced. (2 words)
3. Current outstanding debt obligations owed.
5. An agency that supplies credit information to credit grantors. (2 words)
7. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
9. Total assets less total liabilities. (2 words)
13. The client’s ability to repay the debt.