Terms with Tag Mortgage
- 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.
- 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.
- Principal, Interest and Taxes (PIT) — Acronym, Important,
- Principal, interest and taxes. The components of a monthly mortgage payment.
- Principal, Interest, Taxes, and Insurance (PITI) — Acronym,
- Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.
- Private Lender — Definition,
- A lender not associated with a traditional lender.
- Private Mortgage Insurance (PMI) — Acronym,
- 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 Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
- 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.
- 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.
- 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.
- 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.
- Real Estate Attorney — Definition,
- A lawyer who specializes in the transfer of land and buildings and property tax issues.
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