GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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76% - Very Often

Mortgage Lender


Synonyms:lender
Acronyms &
abbreviations:
ML
Notes:Used internally by mortgage brokers and mortgage lenders.
Filed Under: financial-banking, mortgages
Tags: home loan, lender, mortgage, mortgage lender
 

Definition of mortgage lender (ML)

mortgage lender (ML)
1. A company that underwrites mortgage loans. Mortgage lenders are often banks, but this is not always the case. Mortgage brokers strive to match their clients with mortgage lenders that offer the best mortgage products at the best rates.

Related Terms and Acronyms:

  • lender   The bank or mortgage company offering the loan.
  • loan commitment   A lender's promise to advance a specific sum on specific terms.
  • 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 banker   An employee of a large bank who finds financing for the general public.
  • 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.
  • mortgage rate   The interest rate on a mortgage loan.
      ➥  You can compare mortgage rates using this website by clicking 'Rates' above.
  • no money down mortgage   Available in Canada as a true 100% mortgage financing product.
  • 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.
  • sub-prime mortgage   A mortgage loan that is granted to a borrower who is considered sub-prime (has a less-than-perfect credit report). Sub-prime borrowers have either missed payments on a debt or have made late payments. Lenders charge a higher interest rate to compensate for potential losses from customers who may default on the loan.
  • zero down mortgage   A mortgage product that allows the borrower to financing 100% of their property.

More Related Terms and Acronyms

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