Canadian Maple Leaf Licensing Info: Alberta Mortgage #MW-0511205,
FSCO (Ontario) #10315,
Saskatchewan Mortgage #315872, and all other provinces.
 
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The Mortgage Group®


GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Back Title Letter — Bargain Sale
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back title letterDefinition
A document that a title insurance company gives to an attorney specifying condition of the title.
backflip takeoverDefinition
A form of takeover where the purchasing company becomes a subsidiary of the purchased company.
backup offerDefinition
A bid for a property that the owner will consider if the current transaction falls through.
bad creditDefinition
Someone who carries a higher credit risk.
bad credit loanDefinition
A loan taken out by someone with bad credit.
bad debtDefinition
Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
balance (bal.)Definition
The amount of money in your account.
balance of payments (BOP) — Acronym
balance transfer (BT)Definition
The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
balance transfer facility (BTF) — Acronym
balance transfer feeDefinition
Fee charged customers for transferring an outstanding balance from one card to another.
balloon loanDefinition
A loan in which the payments aren't set up to repay the loan in full by the end of the term. At the end comes the balloon payment -- one that is larger than the other, periodic payments and pays off the remaining principal.
balloon mortgageDefinition
A loan that has regular monthly payments which amortize over a stated term but call for a final lump sum (balloon payment) at the end of a specified term, or maturity date, such as 10 years.
balloon paymentDefinition
A loan instalment that is larger than the other, periodic payments and pays off the remaining principal.
bankDefinition
An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
bank investment contract (BIC) — Acronym
Bank of Canada (BC, BOC)Company Est.1935, Ottawa, Ontario, Canada, Important
Canada's central bank.
  ➥  Canada's central bank.
Bank of Montreal (BMO) — Company Est.1817, Canada-wide, Very Important
  ➥  Canada's very first bank. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages, and reverse mortgages.
Bank of Montreal Mortgage Corporation (BMMC) — Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
Bank of Nova Scotia (BNS) — Company Est.1832, Canada-wide, Very Important
Multinational financial services provider with over 7-million customers across Canada.
  ➥  A Canadian NHA approved mortgage lender that offers all lending types. Also offers home incomes plan reverse mortgages.
bank rateDefinition
Closely related to the overnight rate, the bank rate is the interest rate the Bank of Canada charges to banks and other major financial institutions for one-day loans.
bank reservesDefinition
Banks' holdings of deposits.
bank spreadDefinition
The difference between the interest rate a bank charges a borrower and the interest rate a bank pays a depositor.
Bank West — Company, Canada-wide
  ➥  A Canadian NHA approved mortgage lender that offers mortgages for 1-4 multi-family units.
bank wireDefinition
An electronic payment system for the transfer of money between banks.
bankers blanket bond (BBB) — Acronym
bankruptcy (BK)Definition, Important
A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
Bankruptcy and Insolvency Act (BIA) — Est. 1985, Canada
A Canadian Act respecting bankruptcy and insolvency.
bankruptcy trusteeDefinition
A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
bargain saleDefinition
Transfer of property or an item for less than market value.
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Back Title Letter — Bargain Sale
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Index for The Letter 'b'

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