Mortgage Terminology

2. Assets offered to support a credit application.
3. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
4. Total assets less total liabilities. (2 words)
7. An agency that supplies credit information to credit grantors. (2 words)
10. Current outstanding debt obligations owed.
11. The primary client on the credit application.
12. The client’s ability to repay the debt.
13. An arrangement to borrow money, secured by real estate property; a promise to pay is given.

1. The individual(s) who borrowed money.
2. When the mortgage transaction is finalized and funds are advanced. (2 words)
5. Number of years or months it takes to repay the obligation in full, based upon current terms.
6. A client’s option to move their existing residential mortgage when they move.
8. The annual interest rates applicable to residential mortgage loans in Canada.
9. The care and responsibility a client has demonstrated regarding their financial affairs.
11. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.