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GLOSSARY
Canadian Financial, Real Estate and Mortgage Glossary
Important Mortgage Terms
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- abstract of title (ab) — Definition (Property Listing, Contract, Legal, Realty, Classifieds) (Mortgages, Real-estate, Abbreviation, Legal-contracts)
- A written history of all the transactions that bear on the title to a specific piece of land. An abstract of title covers the time from when the property was first sold to the present.
- ➥ AB is a common abbreviation for Abstract of Title when used in property listings and real estate classifieds.
- acceleration clause — Definition (Banking, Contract, Clause, Mortgage Lender, Legal) (Financial-banking, Legal-contracts)
- A provision within a document that explains how the lender expects payment for a loan, in due haste.
- acceptance — Definition (Contract, Legal, Realty) (Mortgages, Real-estate, Legal-contracts)
- A property seller's formal, written approval of a buyer's offer.
- Accredited Mortgage Broker (AMB) — Canada
- Accredited Mortgage Professional (AMP) — Canada
- The Accredited Mortgage Professional (AMP) is the only national proficiency standard created by CAAMP for Canada's mortgage industry.
- ➥ Accreditation offered by Canadian Association of Accredited Mortgage Professionals (CAAMP).
- accrue — Definition (Banking, Contract, Legal) (Mortgages, Financial-banking, Legal-contracts)
- To gather together an amount often over a period of time.
- accrued interest — Definition (Banking, Rates) (Mortgages, Financial-banking)
- Interest which has already been earned but has not yet been paid.
- acquisition fee — Definition (Banking) (Mortgages, Financial-banking)
- A fee charged by some leasing companies for originating the loan, just as mortgage lenders charge points as an origination fee. This fee is often not specified in a contract, but rolled into the capitalized cost when calculating monthly payments.
- add-on interest — Definition (Banking, Rates) (Mortgages, Financial-banking)
- Interest that is computed at the beginning of the loan, then added to the principal, so that all must be repaid, even if the loan is paid off early.
- additional principal payment — Definition (Banking) (Mortgages, Financial-banking)
- Extra money included with a loan payment to pay off the amount owed faster. Over time, this practice reduces the amount of interest paid.
- additional property — Definition (Realty) (Mortgages, Real-estate)
- A property that is owned by the person that is not being financed.
- adjustment period — Definition (Mortgages)
- The time between changes in the interest rate in an adjustable-rate mortgage.
- agency (agcy) — Definition (Contract, Insurance, Investment, Realty, Classifieds, Property Listing, Banking, Legal) (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
- A relationship between two parties -- a client and an agent -- in which the agent represents the client in transactions with a third party.
- agency closing — Definition (Banking, Contract, Legal, Realty) (Mortgages, Real-estate, Financial-banking, Legal-contracts)
- The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
- agent (agt) — Definition (Property Listing, Insurance, Agent, Investment, Realty, Classifieds) (Investments, Mortgages, Real-estate, Insurance, Financial-banking, Abbreviation, Legal-contracts)
- A person who acts on behalf of another. In real estate, an agent is a person who conducts transactions on behalf of sellers and sometimes buyers.
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Index of Mortgage Terms
Notable Terms
- Accredited Mortgage Professional
- Additional Property
- Additional Principal Payment
- Agency
- Add-on Interest
- Agency Closing
- Agent
- Acquisition Fee
- Acceptance
- Accrue
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