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Canadian Financial, Real Estate and Mortgage Glossary
How often this word is used
62% - Often
62% - Often
|Synonyms:||brokerage, loan officer, mortgage associate, mortgage brokerage, mortgage specialist|
|Filed Under:||designation, mortgages|
|Tags:||broker, mortgage, mortgage broker|
Definition of Mortgage Broker (MB)
- Mortgage Broker (MB)
- 1. An individual who finds clients perspective lenders at no charge. Mortgage Brokers have special relationships with lenders and can offer clients the best rates and service in Canada. CanEquity goes to great lengths to ensure our clients are serviced by the best Mortgage Brokers in the country.
Related Terms and Acronyms:
Accredited Mortgage Professional (AMP)
The Accredited Mortgage Professional (AMP) is the only national proficiency standard created by CAAMP for Canada's mortgage industry.
➥ Accreditation offered by Canadian Association of Accredited Mortgage Professionals (CAAMP).
- fixed rate mortgage (FRM) A loan in which the interest rate and payments remain the same for the entire life of the loan. The interest rate and payment amounts are set at the time of loan origination.
- 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 application A document in which a prospective borrower details his or her financial situation to qualify for a loan.
- mortgage banker An employee of a large bank who finds financing for the general public.
An individual or group who brokers deals between their clients and lenders.
➥ CanEquity is a mortgage brokerage.
mortgage lender (ML)
A lender that offers mortgages, often through a mortgage broker.
➥ Used internally by mortgage brokers and mortgage lenders.
- mortgage renewal A renewal as it pertains to the mortgage industry is defined as having an existing mortgage term end and signing a new term to continue.
prime lending rate (PLR)
The rate of interest charged on loans by chartered banks to their most creditworthy customers.
➥ Bank of Canada's prime (best) lending rate.
- underwriting (UW) Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
More Related Terms and Acronyms
- agent (agt) — Abbreviation
- bank — Definition
- borrow — Definition
- borrower — Definition
- broker (Bkr) — Abbreviation
- broker-agent — Definition
- building and loan association — Definition
- conventional mortgage — Definition
- debt consolidation — Definition
- insurance broker — Definition
- low-down mortgages — Definition
- Mortgage Broker/Lender (MBL) — Acronym
- mortgagee — Definition
- origination fee — Definition
- point — Definition
- posted rate — Definition
- pre-approval letter — Definition
- private lender — Definition
- refinancing — Definition
- underwriter — Definition
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