Canadian Real Estate / Mortgage Glossary

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Result:1 - Real Estate / Mortgage Glossary
Term
The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.

Result:2 - Real Estate / Mortgage Glossary
Amortization Term
The time required to amortize (repay) an entire mortgage loan.

Result:3 - Real Estate / Mortgage Glossary
Early Termination Charge
Charges that the leasee must pay if the car is turned in early before the term of the lease is over.

Result:4 - Real Estate / Mortgage Glossary
Remaining Term
The time it will take to pay off the rest of an installment loan as scheduled.

Result:5 - Real Estate / Mortgage Glossary
Term Deposit
An investment product in which you deposit a fixed sum of money for a set period of time and are paid interest.

Result:6 - Real Estate / Mortgage Glossary
Term Loan
A loan intended for medium-term or long-term financing to supply cash to purchase fixed assets such as machinery, land or buildings or to renovate business premises.

Result:7 - Real Estate / Mortgage Glossary
Adjustable Rate Mortgage (ARM)
A type of mortgage loan program in which the interest rate and payments may be adjusted as frequently as every month. The principal loan balance or term of the loan may also be adjusted to reflect the rate change. The purpose of the program is to allow mortgage interest rates to fluctuate with market conditions.

Result:8 - Real Estate / Mortgage Glossary
Amortization Table
Mathematical formula for calculating a borrower's monthly payments, based on the amount borrowed, the interest rate and the term of the loan.
Click here for additional information.

Result:9 - Real Estate / Mortgage Glossary
Annual Percentage Rate (APR)
A yearly rate of interest that includes fees and costs paid to acquire the loan. Lenders are required by law to disclose the APR. The rate is calculated in a standard way, taking the average compound interest rate over the term of the loan, so borrowers can compare loans. In mortgages, it is the interest rate of a mortgage when taking into account the interest, mortgage insurance, and certain closing costs including points paid at closing. There is no APR in an automobile lease; instead, the cost of money is expressed as the money factor.

Result:10 - Real Estate / Mortgage Glossary
Balloon Loan
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.

Result:11 - Real Estate / Mortgage Glossary
Bridge Loan
A loan that "bridges" the gap between the purchase of a new home and the sale of the borrower's current home. The borrower's current home is used as collateral and the money is used to close on the new home before the current home is sold. Some are structured so they completely pay off the old home's first mortgage at the bridge loan's closing, while others pile the new debt on top of the old. They usually run for a term of six months.

Result:12 - Real Estate / Mortgage Glossary
Broom Clean
Ready to be cleaned and painted. The term does not mean immaculate or spotless or even necessarily clean.

Result:13 - Real Estate / Mortgage Glossary
Capitalized (CAP) cost
A leasing term that refers to the price of the car. The lower the capitalized cost, the lower the monthly lease payment. The cap cost is negotiable and can be reduced by a cash down payment, trade-in or a manufacturer's rebate; it can be increased by the loan acquisition fee or costs left over from a previous lease.

Result:14 - Real Estate / Mortgage Glossary
Credit Repository
An antiquated term for a credit bureau.

Result:15 - Real Estate / Mortgage Glossary
Excess Wear Charge
Most leases set limits for wear and tear on the car during the lease term. The lessee must pay charges for exceeding the limits when turning in the car at the end of the lease.

Result:16 - Real Estate / Mortgage Glossary
Fixed-Return Instruments or Vehicles
Instruments that pay a fixed rate of interest for an agreed-upon length of time such as term deposits, Treasury bills and Guaranteed Investment Certificates.

Result:17 - Real Estate / Mortgage Glossary
Four Pillars
A term used to describe the main types of financial institutions: banking, trust, insurance and securities.

Result:18 - Real Estate / Mortgage Glossary
Insurable Value
The term is used conventionally to designate the amount of insurance which may be carried on destructible portions of a property to indemnify the owner in the event of loss.

Result:19 - Real Estate / Mortgage Glossary
Kicker
Term describing any benefit to a lender above ordinary fixed-interest payments. It may be an equity position in a property or a percentage participation in the income stream.

Result:20 - Real Estate / Mortgage Glossary
Leasehold
An estate or interest in an estate in real property held by virtue of a lease for a term of years. A leasehold is considered personal property.