Mortgage Terminology

1. The primary client on the credit application.
2. An agency that supplies credit information to credit grantors. (2 words)
3. When the mortgage transaction is finalized and funds are advanced. (2 words)
7. The annual interest rates applicable to residential mortgage loans in Canada.
8. A client’s option to move their existing residential mortgage when they move.
9. The individual(s) who borrowed money.
10. Net earnings plus all deductions or expenses not requiring a cash outlay. (2 words)
11. The care and responsibility a client has demonstrated regarding their financial affairs.
12. Includes property, cash, GIC’s, term deposits, marketable securities and motor vehicles.
13. An arrangement to borrow money, secured by real estate property; a promise to pay is given.

1. Number of years or months it takes to repay the obligation in full, based upon current terms.
4. Current outstanding debt obligations owed.
5. Assets offered to support a credit application.
6. Total assets less total liabilities. (2 words)
11. The client’s ability to repay the debt.