Terms with Tag Banking
- Advanced Commercial Banking System (ACBS) — Acronym,
- Affinity Card — Definition,
- A credit card (usually Visa or MasterCard) that has a promotion arrangement with an affiliated organization (often a charity or non-profit group). The logo of the group appears on the card and the group usually gets a percentage of the sales made on the card.
- Affinity Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- African Development Bank (AfDB) — Company,
- After Sight (A/S) — Acronym,
- Agency (agcy) — Abbreviation,
- 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,
- The use of a title company to supervise the meeting where the property is transferred and mortgage is settled.
- Airline Financial Credit Union (AFCU) — Company Est. 1950, Mississauga, Ontario, Canada,
- Alameda Credit Union — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Aldergrove Credit Union — Company, British Columbia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Alimony — Definition,
- Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
- All-In-One (AIO) — Acronym, Important,
- Allocated Transfer Risk Reserves (ATRR) — Acronym,
- Alterna Savings & Credit Union — Company, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Amortization — Definition,
- Amortization refers to the process of gradually paying down the principal of a loan. Each payment toward the principal reduces your loan by that amount. This is different than an interest-only loan payment where the principal balance is never reduced. Amortization for a mortgage loan in Canada is normally 25 years, but can be as few as 5 years.
- Amortization Period — Definition,
- The amount of time it will take to pay off a mortgage by making routine payments.
- Amortization Schedule — Definition,
- A detailed table showing the amortization of a loan which includes the beginning principal amount, period payments, the interest portion of each payment, the principal reduction portion each payment, and the ending balance. The Canadian Equity Group has developed a mortgage rate calculator which will generate a perfect example of an amortization schedule.
- Amortization Table — Definition,
- A mathematical formula used to calculate monthly mortgage payments based on the borrowed loan amount, the interest rate, and the loan term.
- Amortization Term — Definition,
- The time required to amortize (repay) an entire mortgage loan.
- Amortized Loan — Definition,
- A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal.
- Amount Financed — Definition,
- The principal that is financed. It could include the cost of the purchase and other items rolled into the payments.
- Angel Investors — Definition,
- Private individuals with capital to invest in business enterprises.
- Anishinabek Nation Credit Union (ANCU) — Company, Ontario, Canada, ➥ Provincial regulators required that the credit union close in 2011.
- Annex — Definition,
- To add one thing onto another.
- Annual Administrative Fee — Definition,
- An annual (yearly) fee charged for the administration of a service.
- Annual Crediting Cap — Definition,
- The highest rate that can be credited to an equity-indexed annuity in a year.
- Annual Fee — Definition,
- A bank charge for use of a credit card levied each year, which can range from $15 to $300, billed directly to the customer's monthly statement. Many credit cards come without an annual fee.
- Annual Percentage Yield (APY) — Acronym,
- The percentage, required by Truth in Savings regulations, to be disclosed on interest-bearing deposit accounts that reflects the total interest to be earned based on an institution's compounding method, assuming funds remain in the account for a 365-day year.
- Annual Percentage Yield Earned (APYE) — Acronym,
- Annuitant — Definition,
- An individual who owns or is the recipient of an annuity.
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