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A simple glossary of mortgage and economic terms to
help clarify the language of the mortgage process and
economic terminology.
To help you find the term you are looking for
quickly, simply click on the letter below. For example,
to find terms that begin with the word "Deposit", click
the letter "D".
A
B
C
D
E
F
G
H
I
J K
L
M
N
O
P
Q R
S
T
U
V
W
X Y Z
A
- Advocacy Agency:
- Serving both landlords and tenants, these agencies
represent the concerns of renters and property owners
to governments and serve as places to go for help or
mediators in the case of disputes.
- Agreement of Purchase and Sale:
- The legal contract a purchaser and a seller enter
into. We recommend that you have your offer prepared
by a professional realtor that has the knowledge and
experience to satisfactorily protect you with the most
suitable clauses and conditions.
- Amenities:
- Extra conveniences such as stores, malls, transit,
parking, restaurants, theaters, service outlets,
needed from day to day as well as common areas
exclusive to owners.
- Amortization:
- Number of fixed payments or years it takes to
repay the entire mortgage loan.
- Amortization Period:
- The number of years it takes to repay the entire
amount of the financing based on a set of fixed
payments.
- Appraisal:
- The process of determining the value of a
property.
- Appreciation:
- A rise in the value of a currency relative to
another currency.
- Arrears:
- As a noun, an unpaid, overdue debt or an
unfulfilled obligation. As a verb, the state of being
behind in fulfilling obligations.
- Arbitrator:
- A person selected to settle the issue between
parties engaged in a dispute.
- Assets:
- An item of value that you own. Often used in
determining net worth or in securing financing.
- Assign:
- To transfer the tenant responsible for a rental
unit, which will occur when one tenant leaves before a
lease expires and the lease is assumed by the incoming
tenant. Also see sublet.
- Assumption Agreement:
- A legal document signed by a home buyer that
requires the buyer to assume responsibility for the
obligations of a former owner's mortgage. If someone
assumes your mortgage, make sure that you get a
release from the mortgage company to ensure that you
are no longer liable for the debt.
B
- Balance of Payments:
- An accounting of transactions over a given period
of time between one country and the rest of the world.
The balance of payments is composed of both the
current account, which records the flow of goods and
services (as well as investment income and transfers),
and the capital account, which records the flow of
capital assets. In theory one account should offset or
"balance" the other. For example, a current account
deficit (importing more than exporting) should be
offset, or be financed, by an equal-sized capital
account surplus (the excess of assets sent abroad over
those received).
- Bankruptcy:
- A financial failure of an individual or business,
when current earnings and assets are no longer
sufficient to meet financial obligations.
- Beacon score:
- A credit rating, also referred to as a credit
score, used by banks and other lenders, indicating a
person's credit worthiness (poor, fair, good,
excellent, etc.) in comparison to others.
- Blended Payments:
- Equal payments consisting of both an interest and
a principal component. Typically, while the payment
amount does not change, the principal portion
increases, while the interest portion decreases.
- Brain Drain:
- A permanent net out-migration of highly skilled
individuals from one country to another.
- Breach:
- A violation of a law, contract, or obligation.
- Budget Surplus (Deficit):
- The amount by which government revenues
(expenditures) exceed expenditures (revenues).
- Business Cycle:
- The fluctuation of economic activity over time.
These fluctuations follow a very defined pattern.
Starting from a peak, the level of activity falls
marking the entry into a recessionary phase. Activity
drops to a low point, or trough, from which positive
growth resumes moving the economy into a recovery
phase. Once the level of output surpasses the previous
peak, the economy is characterized as being in an
expansionary phase with positive growth continuing
until a subsequent peak in activity is achieved.
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C
- Canadian Bank Rate:
- The minimum rate at which the Bank of Canada lends
overnight funds to the direct-clearing members of the
Canadian Payments Association including chartered
banks. (Source: The Reuters Guide to Official Interest
Rates, Second Edition, Ken Ferris and Mark Jones,
1995.)
- Canada Mortgage and Housing Corporation (CMHC):
- CMHC is a federal Crown corporation that
administers the National Housing Act (NHA). Among
other services, they also insure mortgages for lenders
that are greater than 75% of the purchase price or
value of the home. The cost of that insurance is paid
for by the borrower and is generally added to the
mortgage amount. These mortgages are often referred to
as "Hi-Ratio" mortgages. http://www.cmhc-schl.gc.ca/
- Capacity:
- A measure of the room to increase production on a
sustainable basis with current levels of capital and
technology.
- Capital Account:
- A component of the balance of payments accounting
system that records the flow of capital assets between
an individual country and the rest of the world.
- Closed Mortgage:
- A mortgage that cannot be prepaid, renegotiated or
refinanced.
- Closing Date:
- The date on which the new owner takes possession
of the property and the sale becomes final.
- Coerce:
- To compel or force someone to act or think in a
certain way by the use of threats, pressure or
intimidation.
- Commodity:
- Raw materials such as crude oil, gold, iron ore,
lumber and wheat.
- Consumer Price Index (CPI):
- The consumer price index measures the cost of
purchase of a basket of consumer goods and services.
The composition of the basket reflects the expenditure
patterns of an average household and is updated
periodically.
- Consumer Spending / Consumption:
- Goods and services purchased by households for the
satisfaction of their needs. Consumer goods are often
divided into non-durables, such as food,
semi-durables, such as clothing, and durables, such as
cars. (In the US, semi-durables are usually subsumed
in the non-durables component.)
- Conventional Mortgage:
- A mortgage that is up to 75% of the purchase price
or the value of the property. A mortgage exceeding 75%
is referred to as a "High-Ratio" mortgage and the
lender will require insurance for that mortgage.
- Collateral:
- An asset, such as term deposit, Canada Savings
Bond, or automobile, that you offer as security for a
loan.
- Credit Bureau:
- An agency that maintains individual credit files
on consumers. There are three credit bureaus in
Canada.
- Credit check:
- A process where a person has his or her credit
history reviewed before credit is extended.
- Credit file:
- A detailed history of money you have borrowed,
credit you have used and whether you make bill and
debt repayments on time. A credit file may list
employment history as well as present and residences.
- Credit Rating / Credit Score:
- A numerical score calculated using the information
in your credit file. The credit rating is often used
to determine a borrower's credit worthiness and is
sometimes referred to as a credit score.
- Currency Board:
- A monetary authority that pledges to maintain a
fixed value for a local currency relative to a foreign
currency by exchanging local notes for foreign notes
at a set exchange rate. The amount of local notes and
coins in circulation is backed up 100% by foreign
notes and coins in reserves.
- Current Account:
- A component of the balance of payments accounting
system that records the flow of goods and services (as
well as investment income and transfers) between an
individual country and the rest of the world.
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D
- Demand Loan:
- A loan where the balance must be repaid upon
request.
- Deposit:
- A sum of money deposited in trust by the purchaser
on making an offer to purchase. When the offer is
accepted by the vendor (seller), the deposit is held
in trust by the listing broker, lawyer, or notary
until the closing of the sale, at which point it is
given to the vendor. If a house does not close because
of the purchaser's failure to comply with the terms
set out in the offer, the purchaser forgoes the
deposit, and it is given to the vendor as compensation
for the breaking of the contract (the offer).
- Damage or Security Deposit:
- For a rental property - depending on your area - a
deposit may be referred to as a damage, security, or
rent deposit. In any case, it is money given to the
landlord at the start of the rental agreement and
returned to the tenant at the end of the tenancy
provided all the conditions of the lease have been
met. A deposit is not allowed to be collected in
Quebec.
- Debt Service Ratio:
- The percentage of the borrower's gross income that
will be used for monthly payments of principal,
interest, taxes, heating costs and condominium fees.
- Default:
- Non-payment of instalments due under the terms of
a mortgage.
- Deflation:
- A decline in the general price level.
- Deposit Rate:
- An interest rate paid for keeping money in a
deposit account.
- Depreciation:
- A decline in the value of a currency relative to
another currency.
- Depression:
- A protracted recession, such as occurred in the
1930s.
- Devaluation:
- An announced lowering in the value of one currency
relative to another in a fixed exchange rate regime.
- Discharge:
- Removal of all mortgages and financial
encumbrances on a property.
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E
- Empirica score:
- See credit rating.
- Equity:
- The difference between the market value of the
property and any outstanding mortgages registered
against the property. This difference belongs to the
owner of that property.
- Eviction:
-
- To put out or force out a tenant using the proper
legal process. This process is different for each
province and territory (see the Provincial and
Territorial Fact sheets for information related to a
specific province or territory).
- Equity Take Out:
- When the owner takes out a mortgage on an existing
property to use for other purposes such as investments
or for renovations.
- Expansion:
- A period of positive growth in the economy,
starting from the point of the business cycle after
the economy regained its pre-recession peak.
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F
- Federal Open Market Committee (FOMC):
- The most important monetary policy-making body of
the Federal Reserve System. It is composed of the
seven members of the Federal Reserve Board of
Governors and five Reserve Bank presidents. (Source:
Federal Reserve Bank of Minneapolis)
- FICO?score:
- A specific credit rating score provided directly
by Equifax to individuals. The rating provided is a
three digit number indicating a person's credit
worthiness (poor, fair, good, excellent, etc.) in
comparison to others.
- First Mortgage:
- A debt registered against a property that has
first call on that property.
- Fiscal Policy:
- Fiscal policy determines the level and the
composition of government spending, as well as the
distribution of the tax burden among individuals and
businesses.
- Fixed Exchange Rate:
- A currency regime in which the monetary
authorities strive to maintain a stable value for the
local currency relative to a foreign currency (usually
the currency of that country's main trading partner).
- Fixed-Rate Mortgage:
- A mortgage for which the interest is set for the
term of the mortgage.
- Floating Exchange Rate:
- A currency regime in which the value of the local
currency is determined in the marketplace for foreign
exchange.
- Foreclosure:
- A legal procedure whereby the lender obtains
ownership of the property following default by the
borrower.
- Freehold:
- In English Law, ownership of a substantial
interest in land (or land and a building) for an
indefinite period of time.
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G
- Gross Debt Service (GDS.) Ratio:
- It is one of the mathematical calculations used by
lenders to determine a borrower's capacity to repay a
mortgage. It takes into account the mortgage payments,
property taxes, approximate heating costs, and 50% of
any maintenance fees, and this sum is then divided by
the gross income of the applicants. Ratios up to 32 %
are acceptable.
- Gross Domestic Product (GDP):
- The total output of goods and services produced
within the geographical boundaries of an individual
country or region. GDP is increasingly used as the
main statistic to characterize overall output in most
countries with its rate of change providing the
commonly quoted growth rate.
- Gross National Product (GNP):
- The total output of goods and services produced by
the nationals of an individual country or region.
- Guarantor:
- A person with an established credit rating and
sufficient earnings who guarantees to repay the loan
for the borrower if the borrower does not.
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H
- Highrise:
- A multi-unit residential building that is six or
more storeys high.
- Human Rights Code:
- Laws defining the rights of Canadian citizens. In
addition to the federal code, each province and
territory has its own code. The various Codes are most
commonly known for protecting citizen from
discrimination based on race, ancestry, place of
origin, colour, ethnic origin, citizenship, creed,
sex, age, marital status, family status, handicap, or
the being in the receipt of public assistance.
- Hi-Ratio Mortgage:
- A mortgage that exceeds 75% of the purchase price
or appraised value of the property. This type of
mortgage must be insured. To avoid the cost of the
insurance, a 1'st mortgage up to 75% is arranged and a
2'nd mortgage for the balance (up to 90% of the
purchase price).
- Home Equity Line of Credit:
- A personal line of credit secured against the
borrower's property. Generally, up to 75% of the
purchase price or appraised value of the property is
allowed to be borrowed with this product.
- Housing Starts:
- A number of housing units for which foundations
have been poured.
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I
- Inflation:
- A sustained rate of increase in prices.
- Interest Adjustment Date (IAD):
- The date on which the mortgage term will begin.
This date is usually the first day of the month
following the closing. The interest cost for those
days from the closing date to the first of the month
are usually paid at closing. That is why it is always
better to close your deal towards the end of the
month.
- Interest-Only Mortgage:
- A mortgage on which only the monthly interest cost
is paid each month. The full principal remains
outstanding. The payment is lower than an amortized
mortgage since once is not paying any principal.
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K
- Key Money:
- this phrase normally has one of two meanings. In
some areas it refers to money requested to get your
name on a waiting list for an apartment. In other
situations, often buildings with sophisticated
security systems, it may refer to money requested to
cut new keys. It can also be called "keyhole money".
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L
- Landlord:
- A person who rents or leases a premises he/she
owns to another party. Landlords of residential
premises typically own an apartment building,
condominium, townhouse or house.
- Lease:
- As a noun, a contract or agreement between a
landlord and a tenant. As a verb, to rent a premises
(apartment, house, etc.) for a specific period of
time.
- Capital Lease:
- A type of lease where ownership is transfered from
the lessor to the lessee at the end of the term.
- Operating Lease:
- Any lease not structured as a Capital Lease is an
Operating Lease.
- Legally binding:
- A legal agreement enforceable by an authority.
- Legislation:
- Enacted law or group of laws.
- Liable:
- Legally obligated or responsible.
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M
- Monetary Conditions Index:
- An index that measures movements in interest rates
and exchange rates, weighted according to their impact
on aggregate demand.
- Monetary Policy:
- Government actions that influence the availability
of money and credit, as a means of helping to promote
high employment, economic growth, price stability, and
a sustainable pattern of international transactions.
(Source: Federal Reserve Bank of Minneapolis)
- Money Supply:
- The total amount of funds within a country that
serve as a generally accepted medium of exchange. The
money supply is measured in terms of monetary
aggregates. Narrow measures of the money supply often
include just cash in circulation and demand deposits
at commercial banks. Broader measures include deposits
with other financial intermediaries besides banks and
deposits in mutual funds.
- Month-to-month:
- Refers to a periodic tenancy that is not bound to
a specific lease period, such as a year, but renews
each month. Notice periods to end this type of tenancy
vary amongst the provinces and territories.
- Mortgage:
- A mortgage is a loan that uses a piece of real
estate as a security. Once that loan is paid-off, the
lender provides a discharge for that mortgage.
- Mortgagee:
- The financial institution or person (lender) who
is lending the money using a mortgage.
- Mortgage Insurance Premium:
- A premium added to the mortgage and paid by the
borrower over the life of the mortgage. The mortgage
insurance insures the lender against loss in case of
default by the borrower.
- Mortgage Rate:
- The rate of interest charged by a bank on funds
that are used for the purchase of real estate.
- Mortgage Life Insurance:
- A form of reducing term insurance recommended for
the borrower. In the event of the death of an owner,
the insurance pays out the balance of the mortgage.
The intent is to protect survivors from losing their
home.
- Mortgagor:
- The person who borrows the money using a mortgage.
- Multiple Listing Service (MLS):
- The Multiple Listing Service keeps an inventory of
homes for sale.
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N
- NAFTA:
- The North American Free Trade Agreement (NAFTA)
was implemented among Canada, Mexico and the United
States in 1994. Among other provisions, it specified a
gradual reduction in trade barriers on a wide range of
goods and services.
- NAPM:
- The US National Association of Purchasing
Management (NAPM) releases monthly indices of
manufacturing and non-manufacturing activity called
the purchasing managers' index.
- Natural Rate of Unemployment:
- The rate of joblessness that is consistent with
stable inflation. An unemployment rate above its
natural rate indicates the existence of worker
surpluses, which is thought to hold down inflation. In
contrast, an unemployment rate below its natural rate
indicates worker shortages, which tends to push up
inflation.
- Normal wear and tear:
- Damage to an apartment or house resulting from
normal use by the tenants. The landlord is responsible
for normal wear and tear repairs.
- Notice / Notice to Move:
- Specific legal meaning varies for different
provinces and territories. In general, it refers to a
notification, in writing, given by one party (landlord
or tenant) to the other. Check your local legislation.
- NSF cheque:
- Often called a "bounced cheque," when the bank
does not transfer funds from the cheque issuer to the
recipient because there are insufficient funds to
cover the amount of the cheque. NSF stands for "not
sufficient funds".
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O
- Open Mortgage:
- A mortgage that can be repaid at any time during
the term without any penalty. For this convenience,
the interest rate is between 0.75-1.00% higher than a
closed mortgage. A good option if you are planning to
sell your property or pay-off the mortgage entirely.
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P
- P.I. (Principle and Interest):
- Principal, and interest due on a mortgage.
- P.I.T. (Principle, Interest and Taxes):
- Principal, interest, and property tax due on a
mortgage. If your down payment is greater than 25% of
the purchase price or appraised value, the lender will
allow you to make your own property tax payments.
- Penalty:
- A sum of money paid to a lender for the privilege
of prepaying a mortgage in part or in full.
- Periodic tenancy:
- A tenancy that is not bound to a lease with a
fixed period, but follows another period such as a
month-to-month tenancy or a week-to-week tenancy.
- Post-dated cheque:
- A cheque made out with the date after the current
date. The cheque cannot be cashed until on or after
the date on the cheque. Many landlords and tenants
find this to be a convenient way to collect and pay
rent, provided they adhere to provincial requirements
regarding the use of post-dated cheques.
- Portable Mortgage:
- An existing mortgage that can be transferred to a
new property. One would want to port their mortgage in
order to avoid any penalties, or if the interest rate
is much lower than the current rates.
- Potential Output:
- A level of production the economy is able to
achieve with stable inflation. A protracted period of
output above potential tends to generate higher
inflation and vice versa.
- Premises:
- Land and the buildings on it, or a building or
part of a building. In the Guide this term is often
used as a broad term covering the various types of
rental premises, from farms and houses to single
condominium and apartment units.
- Prepayment Option:
- The right to prepay specified amounts of the
principal balance. Penalty interest may be incurred on
prepayment options.
- Prepayment Penalty:
- A fee charged a borrower by the lender when the
borrower prepays all or part of a mortgage over and
above the amount agreed upon. Although there is no law
as to how a lender can charge you the penalty, a usual
charge is the greater of the Interest Rate
Differential (IRD) or 3 months interest.
- Prime (or Prime Rate):
- The Prime Rate is the interest rate charged by
banks to their most creditworthy customers (i.e. the
most prominent or stable). The rate is usually
consistent amongst the major banks.
- Principal:
- The original amount of a loan, before interest.
- Productivity:
- The term is most frequently used as efficiency
with which labour is employed, called labour
productivity. It measures the amount of goods and
services that can be produced with one unit of labour.
An alternative measure, multi-factor productivity,
estimates the efficiency with which all factors of
production are utilized, including labour and capital.
- Property:
- Can refer to a section of land, or to designate
ownership.
- Purchasing Power Parity:
- The exchange rate that equates the cost of goods
in two countries.
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R
- Rate:
- The return the lender receives for loaning you the
money for the mortgage.
- Rate Commitment:
- The number of days the lender will guarantee the
mortgage rate on a mortgage approval. This can vary
from lender to lender anywhere from 30 to 120 days.
- Real Exchange Rate:
- The exchange rate adjusted for differences in
prices (or purchasing power) in two countries.
- Real Interest Rate:
- The cost of borrowing funds after adjusting for
the expected erosion of purchasing power resulting
from inflation. For example, if the rate of interest
on a loan is 5% and inflation is expected to average
2% during the life of the loan, then the real interest
rate (or real cost of borrowing) is 3%.
- Recession:
- A period of falling output in the economy.
- Recovery:
- An initial period in the business cycle when the
level of output is returning to its previous peak.
- Renewal:
- When the mortgage term has concluded, your
mortgage is up for renewal. It is open at this time
for prepayment in part or in full, then renew with
same lender or transfer to another lender at no cost
(we can arrange).
- Rent:
- As a verb, to obtain occupancy or use of another's
property in return for regular payments. Or, as a
noun, payment made by a tenant at specified intervals
in return for the right to occupy or use the property
of another.
- Rent bank:
- Community-based organizations providing assistance
to individuals and families who cannot afford to pay
the rent. The type and range of assistance varies from
organization to organization.
- Rent control:
- Regulations defining how a landlord can increase
the rent and restricting a landlord's ability to
increase the rent.
- Rent geared-to-income(RGI):
- Common in subsidized housing, where the amount of
rent to be paid by the tenant(s) is based on the
amount of income earned by the tenant(s), often as a
percentage of the tenant's income.
- Rental:
- Refers to any rented property.
- Rental accommodations:
- Residential rooms or buildings available for rent.
- Rental authority:
- the legal authority overseeing landlord tenant
issues in a province or territory. In some areas the
courts are the rental authority, while in other areas
a Rent Tribunal is the authority.
- Rental agreement:
- A legally binding agreement to rent a premises,
either written or oral, between a landlord and tenant.
- Rental application:
- Filled out by a prospective tenant and often
including an authorization to conduct a credit check,
a landlord uses the application to determine the
suitably of renting a unit to the individual.
Questions on the rental application cannot violate the
applicant's rights.
- Rental property:
- referring to lands and/or buildings and/or units
and/or rooms available for or being rented.
- Roll-Over Mortgage:
- A mortgage loan whose interest rate is established
for a specific term. At the end of this term, the
mortgage is said to "roll over" and the borrower and
lender may agree to extend the loan. If satisfactory
terms cannot be agreed upon, the lender is entitled to
be repaid in full. In this case, the borrower may seek
alternative financing.
- Roommate:
- Someone who lives in a rental property with other
tenant(s), sharing rent, the cost of utilities and
other expenses according to mutually agreed upon
terms.
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S
- Savings Rate:
- The ratio of savings over income with the former
defined as the residual of income less expenditures
and transfers.
- Second Mortgage:
- A debt registered against a property that is
secured by a second charge on the property.
- Seize:
- To take possession of by legal process.
- Settlement services:
- Agencies and organisations who assist immigrants,
helping these individuals to establish themselves in
their new location.
- Sublet:
- To rent property you lease to another person while
still maintaining your responsibility to your landlord
under your rental agreement. You are responsible for
the actions of your sublessee. This is not the same as
assigning, where you transfer the responsibility of
your agreement to the new tenant. See assign.
- Sublessee:
- One who sublets from a current tenant.
- Switch:
- To transfer an existing mortgage from one
financial institution to another. We can have this
arranged for you at no cost to you.
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T
- Term:
- The period of time the financing agreement covers.
The terms available are: 6 month, 1,2,3,4,5,6,7,10
year terms, and the interest rates will be fixed for
whatever term one chooses. When the term expires, you
can either repay the balance of the principal or
renegotiate the mortgage at current rates and
conditions.
- Terms of Trade:
- The ratio of export prices over import prices.
- Total Debt Service (TDS) Ratio:
- It is the other mathematical calculations used by
lenders to determine a borrower's capacity to repay a
mortgage. It takes into account the mortgage payments,
property taxes, approximate heating costs, and 50% of
any maintenance fees, and any other monthly
obligations (i.e. personal loans, car payments, lines
of credit, credit card debts, other mortgages, etc.),
and this sum is then divided by the gross income of
the applicants. Ratios up to 40 % are acceptable.
- Trade Balance:
- The difference between what the country sends out
abroad (exports) and what it receives from abroad
(imports).
- Trade-weighted Exchange Rate:
- An index of a currency's value in terms of a
basket of foreign currencies. Each foreign currency in
the basket is weighted according to the relative size
of trade between the foreign country and the domestic
country. The trade-weighted exchange rate is sometimes
called the effective exchange rate.
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U
- Utilities:
- Services such as heat, water and electricity that
may or may not be included in the amount of rent paid.
Cable and telephone services are usually not included.
- Unit:
- The premises rented under one tenancy agreement,
usually an apartment within a complex with a group of
units (apartment buildings, condominiums, townhouse
complexes, etc.).
- Unemployment Rate:
- The proportion of people currently without work
though actively looking for jobs relative to the
number of people who are working.
- Underwriting Fees:
- A sum of money collected by some lenders to offset
expenses incurred in the lending transaction.
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V
- Variable-Rate Mortgage:
- A mortgage for which the interest rate fluctuates
based on changes in the prime rate. If interest rates
go down, the monthly principal is reduced; if rates go
up, the monthly payments might not cover the interest
owing and payments may be increased for the next term.
Most variable rate mortgages allow prepayment of any
amount (with certain minimums) on any monthly payment
date and usually without penalty.
- Vendot Financing (Balance of Sale):
- A mortgage whose payments can be fixed from one to
five years but whose interest rate could change
monthly depending on market conditions. If interest
rates go down, the monthly principal is reduced; if
rates go up, the monthly payments might not cover the
interest owing and payments may be increased for the
next term. Most variable rate mortgages allow
prepayment of any amount (with certain minimums) on
any monthly payment date and usually without penalty.
- Vendor Take Back (VTB) mortgage:
- A mortgage provided by the vendor (seller) to the
buyer.
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W
- Wealth Effect:
- The impact on consumer spending from a shift in
the value of net household assets.
- Week-to-week:
- Refers to a periodic tenancy that is not bound to
a specific lease period, such as a year, but renews
each week. Notice periods to end this type of tenancy
vary amongst the provinces and territories.
- World Bank:
- The role of this international body has evolved
since its initial conception in 1944. Its current
mandate includes the provision of funds and technical
advice to Third World borrowers, the coordination of
aid to less developed countries and theoretical
leadership in development policy. (Source: Routledge
Dictionary of Economics)
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