Mortgage Terminology

2. The care and responsibility a client has demonstrated regarding their financial affairs.
5. An arrangement to borrow money, secured by real estate property; a promise to pay is given.
8. When the mortgage transaction is finalized and funds are advanced. (2 words)
10. Number of years or months it takes to repay the obligation in full, based upon current terms.
11. The primary client on the credit application.
13. The client’s ability to repay the debt.

1. The individual(s) who borrowed money.
3. Assets offered to support a credit application.
4. Current outstanding debt obligations owed.
5. The expiry date of a mortgage or loan contract, when outstanding balance is due. (2 words)
6. The annual interest rates applicable to residential mortgage loans in Canada.
7. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
9. A client’s option to move their existing residential mortgage when they move.
12. Total assets less total liabilities. (2 words)
14. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.