GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Borrow


Synonyms:indebted, promise to return, receive, take on loan, temporally attain
Filed Under: financial-banking, real-estate
Tags: banking, realty
 

Definition of borrow

borrow
1. Take and use money from a person or financial institution under the promise to pay it back.
2. Sand, gravel, or other material used for grading.

Related Terms and Acronyms:

  • amount financed   The principal that is financed. It could include the cost of the purchase and other items rolled into the payments.
  • borrower   A person who borrows money or obtains a loan.
  • covenantor   A person who promises to be responsible for the repayment of a loan.
  • credit line   The maximum money amount available in an open-end credit arrangement such as a credit card or overdraft protection.
  • home loan   A loan used to buy a home is referred to as a "mortgage."
  • mortgage (mtg)   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 Broker (MB)   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.
  • personal loan   A loan made for personal, family, or household use as opposed to a business-type loan or a long-term mortgage loan to finance real estate.
  • spread   The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
  • sub-prime borrower   A borrower with a less-than-perfect credit report due to late payments or a default on debt payments.

More Related Terms and Acronyms

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