Is an accounting term used for two separate processes: Amortization of Loan and Amortization of Asset.

An assumable mortgage is a type of mortgage in which allows an individual can sell his/her property to a new

A capital gain is the profit resulting from a sale or exchange of a capital asset, wherein the capital asset

Is a reward incentive program operated by credit card and debit card companies in which a percentage of the amount spent by the card holder is paid back to the card holder.

Is the type of mortgage which doesn’t provide the flexibility of making prepayments without incurring a penalty.

A Collateral Charge mortgage is a  re-advanceable mortgage meaning that your bank or lender can lend more money when the

A combination mortgage is comprised of two separate mortgages applied on the same property, from the same lender for the

A conventional mortgage is a type of mortgage wherein the loan for no more than 80% of the purchase price

Cost of living is the amount of money required to sustain a certain standard of living at place by affording

A Credit Loss is a debt that a company is unlikely to recover. When a company extends credit to a

Debt consolidation is when a person obtains a larger loan to pay off a number of smaller debts. By doing

Debt Settlement is when both the debtor and creditor agree upon a reduced amount owed and payments are made on

Escrow is a written agreement held with a third party to hold something of value and then delivered once all

Fixed-rate mortgage is the type of mortgage loan in which the interest rate remains the same or fixed over the

Garnishment is when there is a court order directing a percentage of money to be taken directly off of a

Is a bank account exactly the same as a regular account. The only difference is that the joint account is shared by two or more individuals with the same account privileges.

A Medical Power of Attorney is a legal document in which permission is given to someone you trust to make

Net Worth is the value of all your assets minus all liabilities.  Assets include bank account balances, the market value

The Ontario Student Assistance Program (OSAP) is a financial help program offered by governments of Canada and/or Ontario for eligible students to pay for their college or university.

Is a mortgage with no limitations on prepayments. The interest rate on open mortgages is usually higher; however, it gives the greatest amount of flexibility to pay off the mortgage faster.

An overdraft on a bank account is when more money is withdrawn than the account currently holds.  Overdrafts are a

Payday loans are small, usually $500 or less, short term loans that are due to be paid within two weeks

Payment Frequency is a determination of how often employees are paid. Most often employees are paid weekly, bi-weekly, semi-monthly or

A portable mortgage is the one in which an individual has the option of transferring an ongoing mortgage of a

A Prepayment is the payment of an account before it is due. Many types of debts can be settled in

A reverse mortgage is a mortgage loan that allows an individual, who is a homeowner, to receive or borrow money

When you need a loan for a mortgage the lender or bank requires security that you will repay the loan.

Is the period of time an individual commits into a mortgage agreement with a lender towards a mortgage rate, and terms and conditions set by the lender.

The word “Title” is used to describe the ownership of land. When you purchase a home the title of that

Umbrella insurance is a policy that extends your third-party liability coverage beyond the limits that are in your current home

A variable-rate mortgage is a type of mortgage in which the interest rate is not fixed and fluctuates in cycle

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