Terms with Tag Lending
- Advance Line of Credit (ALOC) — Acronym,
- 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.
- Anti-Predatory Lending (APL) — Acronym, ➥ Mostly a US mortgage term.
- Bank — Definition,
- An institution that acts as a financial intermediary by receiving money from depositors and lenders and also lending to borrowers.
- Business Line of Credit (BLOC) — Acronym,
- Business Revolving Line of Credit (BRLOC) — Acronym,
- Commercial Line of Credit (CLOC) — Acronym,
- Equity Line of Credit (ELOC) — Acronym,
- Home Trust Company (HTC) — Company Est. 1977, Canada-wide, Important, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Interest Rate (IR) — Acronym, Very Important,
- The rate a lender charges an individual to borrow money.
- Interest Rate Swap (IRS) — Acronym,
- Line of Credit (LOC) — Acronym,
- A commitment by a financial institution to lend up to a specified maximum amount to a customer during a specified period of time.
- Loan Origination Interface (LOI) — Acronym,
- Loan Origination Software (LOS) — Acronym,
- Personal Line of Credit (PLC) — Acronym,
- Principal and Interest (P&I, PI) — Acronym,
- Acronym for the elements of a mortgage payment: principal and interest.
- Purchase Line of Credit (PLOC) — Acronym,
- Revolving Line of Credit (RLOC) — Acronym,
- An agreement to lend a specific amount to a borrower, and to allow that amount to be borrowed again once it has been repaid. Most credit cards offer revolving credit.
- Secured Line of Credit (SLC) — Acronym,
- Total Debt Service (TDS) — Acronym, Important,
- The ratio of a borrower's total monthly debt payments to his or her monthly gross income. Lenders use this ratio to determine how much of a loan a borrower is qualified for.
- Unsecured Line of Credit (ULOC) — Acronym,
- Variable Rate Demand Note (VRDN) — Acronym,
- A request or demand made by a lender to pay back borrowed funds and any accrued interest at the current money market rate.
➥ A debt instrument that represents borrowed funds.
