Terms with Tag Mortgage
- Takeout Mortgage Loan — Definition, Important,
- A long term mortgage loan that is advanced to borrower on completion of construction or in compliance with any other conditions in the loan commitment. The funds are normally used to pay off or take out the construction lender.
- Talka Lithuanian 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.
- Tandem Loan — Definition,
- When one asset, usually a house, has two loans taken out on it.
- Tax Lien — Definition,
- A claim, or obstacle, to the sale of property because of unpaid taxes. The property's title can't be transferred until liens are paid.
- TCU Financial Group — Company, Saskatchewan, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Teachers Plus Credit Union (TPCU) — Company, Nova Scotia, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Teaser Rate — Definition,
- Often called the introductory rate, it is the below-market interest rate offered to entice customers to switch credit cards or lenders.
- Term — Definition,
- The length of time you commit to repay a lender or bank at an agreed upon interest rate and payment schedule. The interest rate usually remains constant during this term unless the commitment states otherwise. For example, a five year fixed rate mortgage has a term of five years.
- Thamesville Community Credit Union (TCCU) — Company Est. 1955, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- The Fire Department Employees 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.
- The Mortgage Alliance Company of Canada (TMACC) — Company, Canada,
- The Police Credit Union (TPCU) — Company Est. 1946, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Thorold Community Credit Union (TCCU) — Company Est. 1948, Thorold, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Title Report — Definition,
- A report that reveals any competing claims, liens, or other problems relating to a property. A title report is required before title insurance will be issued. Also known as a "Preliminary Title Report" or "Prelim."
- Toronto Municipal Employees' Credit Union (TMECU) — Company Est. 1940, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Torquay 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.
- 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.
- Total Debt Service Ratio (TDSR) — Acronym,
- Total Loan to Value (TLTV) — Acronym,
- Trade Equity — Definition,
- A swap of property, such as real estate or a car, as part of a down payment for other real estate.
- Trans Canada Credit Union (TCCU) — Company Est. 1958, Alberta, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Turtleford 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.
- Type 'A' Property — Definition,
- Residential property that is centrally heated and accessible year-round.
- Type 'B' Property — Definition,
- Property that may not be centrally heated or may only be seasonally accessible.
- Ukrainian (St. Catharines) Credit Union (USCCU) — Company Est. 1946, St. Catharines, Ontario, Canada, ➥ See also Ukrainian Credit Union (UCU). A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Ukrainian Credit Union (UCU) — Company Est. 1944, Ontario, Canada, ➥ A Canadian NHA approved mortgage lender that offers all lending types, including both residential single family and multi-unit mortgages.
- Umbrella Mortgage — Definition,
- A specific arrangement where one document encompasses one or more already existing mortgages registered on the same property. The mortgagee is responsible for remission of payment(s), to lender(s), while the mortgagor makes one payment to the mortgagee. Also referred to as a wraparound.
- Underwriter — Definition,
- An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
- Underwriting (UW) — Acronym, Important,
- The analysis of risk involved in making a mortgage loan to determine whether the risk is acceptable to the lender. Underwriting involves evaluating the property as outlined in the appraisal report, and also evaluating the borrower's ability and willingness to repay the loan.
- Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
- Underwriting Expenses — Definition,
- The expenses accumulated by an insurance company while underwriting a product.
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