For someone to gather increasing amounts of money and benefits over time
To increase your regular payments or give an extra lump sum towards your mortgage or loan so that it’ll be paid off faster
To gradually finish a mortgage or debt through periodic payments toward the creditor
Similar to an interest rate in which it represents other charges you pay to receive the loan; it includes interest, points, and fees
The value of a property at any given time
A valuable item, usually a vehicle or a house
After going through the proper legal procedures, it is a status taken up by someone who has too much debt
An official certificate in which a portion of debt that is paid by the government or a company to an individual, usually comes with a fixed interest rate
An organization in Canada that is responsible for housing needs in Canada by making housing more affordable
A type of mortgage that cannot be changed; this includes changes towards the prepayment, renegotiation, and refinancing; there may be penalties if any of the terms are broken
The extra costs that the buyer must meet to complete the transaction of the property
Someone who is applying alongside another applicant and is as equally responsible for payments towards the loan, mortgage, or credit card
An asset that acts as a pledge and can be seized if the borrower ever defaults on the loan agreement
A loan is used to pay back credit cards and other existing loans so that only one source needs to be paid at the end
Someone with a decent credit score who signs an agreement for another who has a weaker credit score; the responsibility to repay falls on the co-signer if the original borrower cannot fulfill the deal
A scoring system that ranges from 300 to 850 and that determines how well you are in paying back the bank; the higher the number, the better your score is
The amount of money you owe back to a bank; the less you owe, the more financial institutions will trust you with loans
Much like a down payment, an extra payment to reduce the overall loan amount and the time it would take to pay it back