CANADIAN MORTGAGE GLOSSARY TERMS

Here is a simple glossary of Canadian
mortgage lending and finance related
terms.
To find the term you are looking for
quickly, simply click on the letter below.

 

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

V
 If the letter V is displayed after the annual percentage rate (APR), this means the interest rate is variable and subject to periodic changes.

Valid
 Having legal force. This means that if a property title is valid then it is effective or binding by law.

Valuable Consideration
 An equivalent or compensation having value given for a thing purchased, as money, marriage, services, etc. It is the granting of some beneficial right, interest, or profit by one party in exchange for the performance of another.

Valuation
 The act or process of assessing value or price of a property through an appraisal.

Valuation Date
The date used for establishing the assessed value for all properties in the Province. The valuation date for 2001 and 2002 taxation years is June 30, 1999. Formerly called a "base year".

Variable Interest Mortgage
 A mortgage product where the interest rate can change or vary during the loan term. The variance in the interest rate usually depends on a specific factor such as prime bank rate or the guaranteed investment certificate rate for a designated lender.

Variable Interest Rate
 Percentage paid by a borrower for the use of funds. This interest rate moves up or down periodically due to changes in other interest rates.

Variable Rate
 See "Variable Interest Rate."

Variable Rate Mortgage
 A mortgage product where the interest rate is adjusted periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage." CanEquity has access to the best Variable rate/below prime mortgages in Canada.

Vendor Take Back
 In order to sell a property, the seller will provide all or some of the financing to ensure the transaction.

Vendor's Lien
A notice registered on title by the vendor, protecting the vendor for the unpaid balance of the purchase price. It is usually collaterally secured by a mortgage.

Verification of Employment
 Confirmation from a place of employment that verifies a loan applicant is being truthful about where he or she works and about the salary he or she earns.

VISA
 A type of credit card that is distributed by financial institutions around the world. A VISA card holder borrows money against a credit line and repays that money with interest if a balance is carried over from month to month.

Void
 Something that is void has no validity or effect under the law meaning it is null. For example, a contract can be rendered void.

Voidable
 When an individual or party involved in a contract is entitled to renege or retract the contract at his or her discretion.


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