GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Demand Loan


Synonyms:pay in full, payback, reimburse, repayment, return, settle up
Filed Under: financial-banking
Tags: banking
 

Definition of demand loan

demand loan
1. A loan that must be repaid in full, on demand.

Related Terms and Acronyms:

  • delinquent mortgage   A mortgage loan where the borrower fails to make payments as specified in the loan agreement.
  • loan term   The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
  • loan-to-value (LTV)   The ratio of the principal amount of the loan to the lesser of the purchase price of the property or the property's appraised value. This can be expressed as an 80% loan, or 80% LTV.
      ➥  A widely used term in the mortgage brokerage and lending industry, especially by mortgage underwriters.

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