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If you want more information about the potential uses of your home equity or if youre ready to take the next step and apply for a home equity product, Loans Canada can connect you with a licensed specialist who can help.
Note: Loans Canada does not arrange, underwrite or broker mortgages. We are a simple referral service.
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What Does Financial Mean
Definition of Financial: Financial is defined as of or relating to finance.
For example,
- Has your financial picture improved since you took the job?
- The dealership needed to obtain my financial information to complete the sale of my new Saab.
The word financial functions as an adjective in the sentence.
Abbreviations For Real Estate Groups And Certifications
Real estate agents and other real estate professionals often need to have specific certifications and may work with or belong to different associations or groups. These abbreviations are typically written in all capital letters.
- ABR Accredited Buyer Representative
- ACRP – Association of Commercial Real Estate Professionals
- AMO Accredited Management Organization
- CHMS Certified Home Marketing Specialist
- CLHMS Certified Luxury Home Marketing Specialist
- CNS Certified Negotiation Specialist
- CRB Certified Real Estate Broker
- CRS Certified Residential Specialist
- FDIC Federal Deposit Insurance Corporation
- FEMA Federal Emergency Management Agency
- FHA Federal Housing Administration
- FHLMC Freddie Mac
- GNMA Ginnie Mae
- GRES Graduate Real Estate Society
- GRI Graduate REALTOR® Institute
- HUD Housing and Urban Development
- NAA – National Association of Appraisers
- NAR National Association of Realtors
- REALTOR® Member of the National Association of Realtors
- REBNY Real Estate Board of New York
- REIA Real Estate Investors Association
- SRES Senior Real Estate Specialist
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Income Pay Stub Abbreviations
The following are abbreviations related to income:
- SLRY: Salary: The amount the employee gets paid for the given pay period.
- HR: Hourly Rate: The employees hourly rate. If the employee is hired at $10 per hour, the employee will get paid $10 per every hour worked.
- HRS: Hours: Total hours the employee worked during the given pay period.
- REG: Reg Pay: Regular Earnings for work performed during a given pay period.
- SI: Supplemental Income: Additional income separate from the normal salary.
- OT: Overtime: Overtime pay is generally defined as one and a half times the employees normal salary rate.
- [email protected]: Overtime rate of one and a half times the employees normal salary rate.
- [email protected]: Overtime rate of two times the employees normal salary rate.
- PTO: Personal time off or paid time off
Baffling Mortgage Acronyms Explained
If you dont know your SVRs from your APRs, your BTLs from your RIOs and you think a mortgage DIP sounds like it would be nice with some pitta bread, you’re in the right place.
If you dont know your SVRs from your APRs, your BTLs from your RIOs and you think a mortgage DIP sounds like it would be nice with some pitta bread, you’re in the right place.
Weve compiled a jargon-busting list of terms youre likely to come across when applying for a mortgage.
LTV
Loan to value is a calculation used by mortgage lenders to work out how high the level of your mortgage debt is compared to the value of your property, expressed as a percentage.
Its easy to work out. If youre applying for a mortgage of £250,000 and the home youre buying costs £300,000, you divide 250,000 by 300,000 to get a loan to value of 83%. With this loan to value you would be eligible for interest rates in a lenders 85% range, not 80% range.
The lower your loan to value, the less risk you are to the lender, so the cheaper your interest rate.
Do say: “I reduced my LTV by increasing the size of my deposit, unlocking lower interest rates.”
Don’t say: “LTV is the name of Elon Musk’s first child.”
AIP/DIP
An Agreement in Principle or Decision in Principle is a handy certificate or statement from your mortgage lender. It’s valid for between 30 and 90 days and qualifies you as a serious buyer.
Do say: “I’ll need a DIP to pass on to my estate agent before making an offer on my first property.”
SVR
ERC
CCJ
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Home Equity: What Is It And How Do I Calculate It
The concept of home equity can be a bit confusing for the first-time homebuyer. Maybe your lender or mortgage broker didnt explain it to you or maybe the prospect of owning your dream home has got you so excited that you havent studied up on all the details. Whatever the reason, home equity is definitely a subject that you should understand, as it comes with many perks that will work to your advantage when used responsibly.
Essentially, your home equity is an asset, just like your car or other personal property thats of significant value. The more money you invest toward the asset, the more ownership youll claim over it, and the more valuable it ultimately becomes. You can get an idea of how much home equity you have by calculating the outstanding balance of your current mortgage, then subtracting it from the fair market value of your home .
For example Your home is worth $400,000. You have $250,000 remaining on your mortgage. $400,000 $250,000 = $150,000 of available home equity.
To get a more precise calculation of your home equity, youll need to have your property appraised, which is a standard procedure when you apply for any of the equity products listed further below.
Want to know the cost of buying a house in Canada? Check out this infographic.
General Pay Stub Abbreviations
Here are some of the general pay stub abbreviations that you will run into on any pay stub.
- EN: Employee Name: The name of the Employee.
- SSN: Social security number: The Employees social security number.
- EID: Employee ID number: A company specific employee identification number.
- YTD: Year to date: The amount of earnings or deductions accumulated from the beginning of the year.
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Whats An Erc Early Repayment Charge
This one does what it says on the tin to a degree. Basically, if you pay off your mortgage before the deal you are on comes to an end, you will pay an Early Repayment Charge .
Many of us can only dream of paying off the mortgage but it does happen. Alternatively, you can also be hit with an ERC if you remortgage before your deal ends or also if you make an overpayment.
Most mortgages offer a 10% overpayment buffer, but if you go over this ceiling you may start paying charges.
However, if you feel this may be something you need to consider when taking out your mortgage its worth speaking to a broker to find out if there any flexible deals which allow overpayments.
If you are in the middle of a deal and would like to remortgage, speak to a broker as they will be able to help you decide if the ERCs are worth paying to secure a cheaper deal sometimes the charges can be lower than the savings you make.
If you are moving home
and are midway through a deal you can avoid paying the ERC by porting your mortgage or taking it with you and using it, in part, to pay for your new home.
If this is not an option, you can speak to a broker who will be able to help you with the technicalities.
Whats An Svr Standard Variable Rate
If you are a new first-time buyer this is one to keep in your pocket and remember when you come to the end of your deal. The Standard Variable Rate is the rate onto which your mortgage will default if you dont switch or remortgage when your deal finishes.
Sometimes also known as the reversion rate or bank rate this is pretty much always much higher than your current deal. Think 3% to 4% and possibly even more when the Bank of England has set its benchmark rate the base rate high.
You can go onto your lenders website to find out what its current SVR is set at. This will give you an idea of the savings you could potentially make by remortgaging.
Some people can slip onto this rate without realising. Others may choose to be on this rate perhaps for a month or two if they are waiting to move house and sign up to a new deal.
But overall, the experts advise you to switch before you fall onto this rate or you could end up spending more than double in interest payments.
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Outside Examples Of Mortgage
- Goldman Sachs Group Inc has agreed to pay $5.06 billion to settle claims that it misled mortgage bond investors during the financial crisis, the U.S. Department of Justice said on Monday. Newsweek
- Focus said the German government also wont help the Deutsche Bank by intervening with the U.S. officials who want it to pay $14 billion to end an investigation into its sale of mortgage-backed securities. Minneapolis Star Tribune
Bluebook Abbreviations For Courts
Legal abbreviations for court documents have to start with the courts themselves. Case names often include the name of the court that made the judgment. Abbreviating the court names is helpful for understanding and keeping legal writing concise. These abbreviations include:
- App. – Appeals
- D. – District
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What Does Insurance Mean
Definition of Insurance: Insurance is defined as a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium a thing providing protection against a possible eventuality.
For example,
- Human Resources offered us the opportunity to join Aflac for insurance against unemployment or sickness.
- She inherited the farm and the insurance money.
The word insurance functions as a noun in the sentence.
Real Estate Broker Abbreviations
This list of real estate investing abbreviations is useful for real estate brokers. These abbreviations are typically written in all capital letters.
- ARV after-repaired value
- CCIM Certified Commercial Investment Member
- COO or C of O certificate of occupancy
- CMA comparative market analysis
- COCR or CCR cash on cash return
- COF cost of funds
- DTI debt to income ratio
- FMR fair market rent
- IRR internal rate of return
- JV joint venture
- P& S purchase and sale
- PCF price to cash flow
- PITI principal, interest, taxes and insurance
- PUD planned unit development
- Q Pos – available for quick possession
- REI real estate investing
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How Do You Abbreviate The Word Additional
This word can be abbreviated in three common ways. The most popularly used abbreviation for additional is addl., but other abbreviations include addtl. and add.
To use the correct additional abbreviation, you have to consider the context.
Here are some content topics, along with standard abbreviation commonly used for that topic:
As mentioned above, the addl. abbreviation is the most commonly used because its appropriate for any miscellaneous topics in writing.
What Can I Do Once Ive Built Up Enough Equity
Every homebuyer has different goals when accessing their home equity. However, your equity should only be used for expenses that are relatively essential. That being said, if youre ready, willing, and able to handle your home equity responsibly, you can use it for plenty of expenses, including but not limited to:
- Making renovations or additions to your property
- Financing a new car or additional property
- Paying for you or a family members education
- Paying property taxes, utilities, and other important bills
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What Is The Abbreviation For Independent
Looking for the shorthand of Independent? This page is about the various possible meanings of the acronym, abbreviation, shorthand or slang term: Independent.
Filter by:
Couldn’t find the full form or full meaning of Independent?
Maybe you were looking for one of these abbreviations:
Discuss these Independent abbreviations with the community:
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Home Equity Lines Of Credit
The second product on our list is the home equity line of credit, commonly abbreviated to HELOC. The HELOC process closely resembles a line of credit from your bank. If approval is met, you should be able to access up between 65-80% of your homes appraised value. Up to 65% is available for a standalone HELOC, while up to 80% is available if you combine your HELOC with the balance remaining on your primary mortgage.
The process involves applying for a revolving credit limit, similar to what you would have with a . You can borrow from this limit in whatever amounts you wish, then repay those amounts from month to month. Youll also make minimum payments if you cant afford your full monthly balance. Its not recommended to only make minimum payments, as youll be charged interest on the amounts that go unpaid. However, doing so will spare you from any penalty charges for defaulting. Your interest rate is usually going to be variable in this case, but fixed rates are sometimes possible. Again, payment term lengths may vary. That being said, some HELOCs can be active for upwards of 20 years.
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What Is The Abbreviation For Mortgage
Home » Abbreviations Dictionary » What is the Abbreviation for Mortgage?
How do you abbreviate mortgage? There are two common ways to abbreviate mortgage.
They are,
- 30 yr. mtg.
- mtge. is at a fixed rate
Of these two abbreviations, mtg. is probably more common. The plural abbreviation of mortgage is mtgs. or mtges.
Real Estate Contract And Financing Abbreviations
If you need help understanding your mortgage or contract, these are some of the more common real estate, legal, and financial abbreviations youll see. All abbreviations on this list are typically written in all capital letters.
- AMORT amortization
- CCR conditions, covenants, and restrictions
- CFD contract for deed
- CLTV combined loan to value
- CAP capitalization
- DOS due on sale clause
- DOT deed of trust
- FCRA Fair Credit Reporting Act
- I/O interest only
- LPOA limited power of attorney
- MOS – memorandum of sale
- PCOA – post closing occupancy agreement
- PMI private mortgage insurance
- Sub2 subject to existing financing
- TIL Truth In Lending
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How Can I Access My Home Equity
Now that weve determined the main ways that you can build home equity, its time to discuss the ways you can gain access to it and eventually use it to your advantage.
Generally speaking, there are 3 equity products that you can apply for. All of them will be secured against your home, which will be used as a collateral. Be careful, any equity product will have multiple repayments that youll have to keep up with over numerous years. Your lender also holds a lien against the property until every mortgage on it is paid in full. If you go into default and start missing payments on either your primary mortgage or new equity product, your home may be foreclosed and sold at auction. While foreclosures are rarer than your bank might have you believe, they do occur under extreme circumstances, so always be responsible with any loan repayments associated with your home.
Want to read about a few more secrets your bank doesnt want you to know? Look here.
Bluebook Abbreviations: Common Words In Case Names
This is the law. The Bluebook: A Uniform System of Citation is a legal style guide. It is used in most United States law schools and court systems to properly cite and abbreviate court cases in parenthetical citation sentences of legal documents. Take a look at the list below to find which common words in case names are abbreviated according to the Bluebook and how you should abbreviate them.
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Common Real Estate Abbreviations
There are many abbreviations used in real estate, but the following list includes the more common ones youve probably heard before. In the abbreviations, you may see differences in which letters get capitalized and which dont depending on the realtor/publication.
- 3B/2B – three bedrooms and two bathrooms
- 2C – two-car garage
- D/D – dishwasher and a garbage disposal
- Dr/Fdr – dining room/formal dining room
- F/Fin Bsmt – fully finished basement
- FMV – fair market value
- FSBO – for sale by owner
- Gar – garage
- MLS – Multiple Listing Service database of real estate for sale
- Ofc – office
- Pwdr Rm – powder room or half bath
- RTO – rent to own
- W/D – washer and dryer
