Terms with Tag Banking
- Prairie Centre Credit Union (PCCU) — Company Est. 2006, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Prairie Mountain Credit Union (PMCU) — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- 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-Approved Credit Card (PACC) — Acronym,
- Pre-authorized Chequing (PAC) — Acronym, Important,
- Pre-authorized Debit (PAD) — Acronym, Important,
- A way to set up a monthly payment to be automatically paid from a bank account.
➥ A PAD Agreement allows a payee to direct debit the bank account of a payor. - 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.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- President's Choice Financial (PCF) — Company, Canada-wide, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- 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.
- Price-Level-Adjustable-Rate Mortgage (PLAM) — Acronym,
- 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.
- Princess Credit Union — Company, Nova Scotia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- 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.
- 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 Banking International (PBI) — Acronym,
- Private Banking Online (PBO) — Acronym,
- Private Equity — Definition,
- Equity not traded on a stock exchange.
- 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.
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