GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Borrower


Synonyms:debtor, mortgagor, receiver, recipient, supplicant
Filed Under: financial-banking, investments, mortgages
Tags: banking, investment, mortgage
 

Definition of borrower

borrower
1. One who borrows or obtains funds either from a bank or mortgage lender. One may informally borrow money from a family member or friend for a down payment in order to qualify for a mortgage loan. Also referred to as a mortgagor.

Related Terms and Acronyms:

  • borrow   To get a loan of money.
  • 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.
  • guaranty   A promise to assume responsibility for a debt if the borrower defaults.
  • home loan   A loan used to buy a home is referred to as a "mortgage."
  • loan origination   The process of applying for a loan and the handling of that application by a lender.
  • 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.
  • non-recourse debt   A loan secured by collateral where the borrower is not personally liable.
  • 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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