Terms with Tag Mortgage
- Maturity — Definition,
- The date when the principal balance of a loan is due and payable to the lender. Also, the date when a bond pays off its principal.
- Maximum Financing — Definition,
- A loan given for a property where the buyer puts down the lowest allowable down payment possible.
- McMaster Savings and Credit Union (MCU) — Company, Hamilton, Ontario, Canada, ➥ Merged with PACE Credit Union in 2012. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Me-Dian Credit Union of Manitoba — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Member Savings Credit Union (MSCU) — Company Est. 1949, Toronto, Ontario, Canada, ➥ Originally called the LCBO Employees Credit Union (Liquor Control Board of Ontario). A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- MemberOne Credit Union (MOCU) — Company Est. 1954, Toronto, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Mennonite Savings and Credit Union (MSCU) — Company Est. 1964, Ottawa, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Merged Credit Report — Definition,
- A summary of one's credit history from the big two credit bureaus: Equifax and Trans Union.
- Meridian Credit Union (MCU) — Company Est. 1948, Ontario, Canada, ➥ Ontario's largest credit union. A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Metro 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.
- Midale 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.
- Minnedosa Credit Union — Company, Manitoba, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Mis-selling — Definition,
- The act of misleading a client into buying a product or service by deliberately misrepresenting the aforementioned product or service.
- Modification — Definition,
- A change in terms of the loan agreement.
- Modified Adjustable Rate Mortgage (MARM) — Acronym,
- Momentum Credit Union (MCU) — Company Est. 1939, Hamilton, Ontario, Canada, ➥ Formerly known as Twin Oak Credit Union and Hamilton Community Credit Union before the merger in 2010. A Canadian NHA approved mortgage lender that offers all lending types.
- Monetary Policy — Definition,
- The Bank of Canada's ability to influence the economy through changes in short-term interest rates and the money supply.
- Monetary Policy Report Update (MPRU) — Acronym,
- Updates on the monitoring of inflation, interest rate targets and economic outlooks within Canada.
- Monthly Periodic Rate — Definition,
- The interest rate factor used to calculate the interest charges on a monthly basis. The factor equals the yearly rate divided by 12.
- Morse 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.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Mortgage Acceleration Clause — Definition, Important,
- A provision of a loan agreement that lets a lender demand payment of the full balance under specified circumstances, such as sale of the property, default or refinancing. Not commonly used in Canada and/or Canadian lenders.
- Mortgage Application — Definition, Very Important,
- A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- Mortgage Associates Program (MAP) — Acronym, Alberta, Canada, Very Important,
- In Alberta, individuals who wish to become licensed mortgage brokerage industry members must complete the Mortgage Associates Program (MAP) offered through the Real Estate Council of Alberta (RECA).
➥ Mortgage associate licensing. - Mortgage Assumption — Definition, Important,
- Taking over the payment and responsibility for an existing property loan.
- Mortgage Banker — Definition, Important,
- An employee of a large bank who finds financing for the general public.
- Mortgage Broker (MB) — Acronym, Important,
- One who finds clients perspective lenders at generally no cost. Mortgage Brokers have a special relationship with lenders and can offer their clients the best rates and service. CanEquity goes through great lengths to ensure you are serviced by the best Mortgage Brokers in Canada.
- Mortgage Broker License Act (MBLA) — Acronym, United States, ➥ A US mortgage term.
- Mortgage Broker Loan Officer (MBLO) — Acronym,
- Mortgage Broker/Lender (MBL) — Acronym, Important,
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