GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
50% - Moderately

Loan Origination


Synonyms:mortgage origination, origination
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of loan origination

loan origination
1. The processes and all the steps involved when an individual or legal entity applies for a loan and a lender processes that loan application. Mortgage brokers specialize in loan originations, and more specifically, they specialize in mortgage originations by taking a mortgage application and going to lenders to find the best mortgage product with the best mortgage rate.

Related Terms and Acronyms:

  • borrower   A person who borrows money or obtains a loan.
  • loan   Letting another party use something of value temporarily.
  • loan processing   The steps taken by a lender to convert a loan application into an approved loan for the potential borrower. These steps include processing the application, conducting a credit investigation, evaluating the loan, etc.
  • 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.
  • origination date   The date on which a loan is funded.
  • origination fee   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.
  • principal   The original balance of money lent on an outstanding loan and fees, excluding interest. Also the remaining balance of a loan, excluding interest.
  • renewal   Signing on again with the same lender once a term is up.
  • type 'a' property   Residential property that is centrally heated and accessible year-round.
  • type 'b' property   Property that may not be centrally heated or may only be seasonally accessible.

More Related Terms and Acronyms

Search the Glossary

Current Canadian Rates
For the best rate information in Canada, make use of our up to date interest rate comparison chart. Our brokers are not even remotely afraid of advertising our competitor's rates because we know how we stack up.
Best Current Rate Information
 
Mortgage Rates
If you look for a mortgage online, you'll soon see that from one lender, bank, or broker to the next, the rates offered can be substantially different. Some high, some low. Compare the best mortgage rates and make sure your money isn't being wasted.
Mortgage Rates
 
Try Our Mortgage Calculator Now
Did you know that you can save more than $20,000 in interest and cut almost three years off a $400,000 mortgage by switching to an accelerated payment schedule? Try our mortgage calculator and see how accelerated payments can affect your mortgage!
Calculator Buttons