Terms with Category Financial Banking
- Posted Rate — Definition,
- The mortgage rates initially offered by a bank which a borrower is then expected to negotiate down.
- Power of Attorney (POA, PA) — Acronym,
- A document in which the signer authorizes someone to conduct business in his or her name -- signing title documents and cheques, for example.
- Power of Sale — Definition,
- The right of a mortgagee to force the sale of the property without judicial proceedings should default occur.
- Pre-approval — Definition,
- A process that mortgage lenders use to determine how much money they would lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter which strengthens your position when bidding on a home, as it shows sellers that you will be able to raise funds needed to purchase.
- Pre-approval Letter — Definition,
- A document from a lender or broker, estimating how much a potential home-buyer could borrow, based on current interest rates and a preliminary look at credit history.
- Pre-authorized Payments — Definition,
- A way to set up a monthly payment to be automatically paid from a bank account.
- Pre-computed Loan — Definition,
- With a pre-computed loan, the interest owed over the life of the loan is calculated using a standard amortization table. After signing for this type of vehicle loan, the borrower is obligated to pay back principal plus the full amount of interest that will accrue over the entire term of the loan.
- Pre-paid Expenses — Definition,
- also called prepaid items or prepaids -- Recurring costs such as taxes, insurance and interest that are paid at closing and which cannot be financed.
- Pre-paid Interest — Definition,
- Interest that a borrower pays before it is due, usually to save taxes.
- Pre-payment — Definition,
- Applying additional payments towards the balance of a mortgage loan.
- Pre-payment Clause — Definition,
- A clause that stipulates the amount of principal a borrower may prepay ahead of schedule without penalty as well as the prepayment penalty for larger prepayments.
- Pre-payment Penalty — Definition,
- A lender's charge to the borrower for paying off the loan before the end of the term.
- Pre-qualification — Definition,
- An informal process in which a lender will offer an opinion on how much money you may be able to borrow. This opinion is based entirely on the financial information you provide and is neither binding nor necessarily accurate because lenders have not yet verified your financial information.
- Pre-Tax Operating Income (PTOI) — Acronym,
- The operating income generated by a company, less expenses, before taxes have been paid.
- Predatory Lending (PL) — Acronym, Important,
- Lending practices that are unfair, deceptive or fraudulent.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- Present Value Interest Factor of Annuity (PVIFA) — Acronym,
- A method used to find an annuity's present value.
- Previous Balance — Definition,
- Some credit card issuers base finance charges on the amount owed by the account holder at the end of the previous billing cycle.
- Prime Lending Rate (PLR) — Acronym, Very Important,
- The rate of interest charged on loans by chartered banks to their most creditworthy customers.
➥ Bank of Canada's prime (best) lending rate. - Prime Rate — Definition,
- The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
- Principal — Definition,
- The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
- Principal and Interest (P&I, PI) — Acronym,
- Acronym for the elements of a mortgage payment: principal and interest.
- Principal, Interest and Taxes (PIT) — Acronym, Important,
- Principal, interest and taxes. The components of a monthly mortgage payment.
- Principal, Interest, Taxes, and Insurance (PITI) — Acronym,
- Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
- Private Annuity — Definition,
- An arrangement where one party agrees to transfer ownership of an asset to another party (usually a beneficiary) in exchange for lifetime payments.
- Private Equity — Definition,
- Equity not traded on a stock exchange.
- Private Health Services Plan (PHSP) — Acronym, Canada, Important,
- A method for businesses to provide health benefits for their employees that is both tax deductible for the business and non taxable for the employee.
➥ Provides tax-deductible health and dental benefits in Canada. - Private Healthcare — Definition,
- Health services no provided by the government, often paid out of pocket.
- Private Lender — Definition,
- A lender not associated with a traditional lender.
- Privately Held Company — Definition,
- A company that is not listed on a stock exchange.
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Posted Rate -
Private Healthcare
Private Healthcare
