Flat Fee
Definition
- A dollar amount requested by a broker instead of being paid commission, which is usually a percentage of the sale.
Synonyms
linear rate, fixed rate, linear fee, one charge, flat rate
Related Terms and Acronyms
- Broker (Bkr) — Abbreviation,
- A person or firm who acts on behalf of another.
- Level Payment — Definition,
- A method of repayment where periodical payments of principal and interest are made in a certain way so the payment amount remains constant.
- Level-Premium Insurance — Definition,
- Insurance where the premiums the policyholder pays are guaranteed to remain the same for an agreed upon period of time.
- 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.
- Origination Fee — Definition,
- The fee a lender charges to process a loan. It usually includes the cost to prepare loan documents, check a borrower's credit history, inspect the property and sometimes conduct an appraisal. CanEquity will in most cases use a lender who doesn't charge this fee or we will cover the cost in full.
- Service Charge (SC) — Acronym,
- Fees charged to customers for specific services or as a penalty for not meeting certain requirements such as insufficient funds in a chequing account.
➥ Bank account transaction code.
