Terms with Tag Banking
- Privately Held Company — Definition,
- A company that is not listed on a stock exchange.
- Probate — Definition,
- The process of deciding the validity of a deceased person's will and appointing an executor.
- Probate Sale — Definition,
- Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
- Profit — Definition,
- When revenues exceed expenses.
- Progressive Credit Union — Company, New Brunswick, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- Proprietor — Definition,
- The owner of a business or property.
- Prospera 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.
- Prosperity One 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.
- Protected Cell Company (SPC) — Acronym,
- A company that separates its assets and liabilities into a number of 'cells' to shield itself and each 'cell' from losses.
- Province of Domicile — Definition,
- The province where an individual lives or intends to live permanently or for a long term, regardless of the individual's current location.
- Provision for Credit Losses (PCL) — Acronym, Canada,
- The amount deducted from income equal to the amount by which a bank adjusts its loan balances to reflect anticipated losses on them.
- A margin set by companies to compensate for losses due to unpaid credit.
- Publicly Traded Company — Definition,
- A company that is sold on a stock exchange.
- Purchase Agreement — Definition,
- A written promise to pay a specific amount for a property at a specified time. The purchase agreement is a written statement of the offer, which both the borrower and the seller will sign if the offer is accepted.
- Purchase at Merchant (PR) — Acronym, ➥ Bank account transaction code.
- Purchase Line of Credit (PLOC) — Acronym,
- Purchase Option — Definition,
- An agreement where a portion of monthly rent can be credited toward the purchase of a property.
- The portion of a vehicle lease that determines how much a lessee pays the lessor at the end of the lease to buy the vehicle. The price is usually the residual value.
- Qualifying Rate — Definition,
- The mortgage rate that one must qualify for when applying for a variable rate or a term less than 5 years, so that if rates increase, the borrower can continue to make payments.
- Qualifying Ratios — Definition,
- As calculated by lenders, the percentage of income that is spent on housing debt and combined household debt. The first qualifying ratio, called the gross debt service or GDS is up to and including a maximum of 32% of the combined gross family income. The second qualifying ratio is the Total debt service or TDS is up to and including 40% of gross income.
- Quantum Meruit — Definition,
- Used in contract law it means "reasonable value of services."
- Quick Liquidity Ratio — Definition,
- A metric used to find if a company has enough liquidity to make it's short term financial obligations.
- Quintessential Credit Union (QCU) — Company Est. 1954, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Radius 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.
- Rate — Definition,
- Percentage a borrower pays for the use of money, usually expressed as an annual percentage.
- Rate Cap — Definition,
- A limit on how much the interest rate can change, either at each adjustment period or over the life of the loan.
- Rate Hold — Definition,
- The length of time, typically between 60 and 120 days, that a lender will guarantee a loan's interest rate once you are locked in.
- Rate Index — Definition,
- A table of yields or interest rates being paid on debt (such as Treasury notes or bank deposits) that is used to determine interest-rate changes for adjustable-rate mortgages and other variable-rate loans.
- Rate Lock-in — Definition,
- A written agreement in which the lender guarantees the borrower a specified interest rate, provided the loan closes within a set period of time.
- Ratio — Definition,
- Comparison of two figures used to evaluate business performance, such as debt/equity ratio and return on investment.
- Raymore Savings & 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.
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