Negative netting
The offsetting with a counter-party of financial obligations or payments one is owed with those one is entitled to receive, thus reducing the costs arising out of payment settlements. Netting is also...
View ArticleNiche banks
Small banking centers that cater to certain communities or specialized industries. READ MORE
View ArticleNo-documentation loan
A loan that does not require the applicant to provide much personal information. The applicant usually provides their name, address, Social Insurance Number (to pull credit reports), and contact...
View ArticleNo money down mortgage (NMDM)
A true 100% mortgage financing product that does not require a down payment amount. This type of mortgage product is no longer available from the CMHC, though there are methods to obtain this kind of...
View ArticleNon-assumption clause
A provision or condition of a loan agreement that prohibits the borrower from transferring the mortgage to another borrower without permission from the lender. READ MORE
View ArticleNon-dischargeable debt
This kind of debt can not be eliminated in a state of bankruptcy. Non-dischargeable debt includes federal and local taxes, student loans, credit card debt payments on taxes, child support and alimony...
View ArticleNon-redeemable GICs
Non-redeemable GICs require you to 'lock-in' your investment for the entire length of the term - you cannot cash it in before the maturity date without having to pay a penalty. READ MORE
View ArticleNon-registered GICs
Non-registered GICs are not registered with the federal government, therefore earned income must be included as taxible income each year. READ MORE
View ArticleNote rate
The percentage paid by a borrower for the use of money, usually expressed as an annual percentage on a promissory note. This includes the interest rates on mortgage financing and other costs of...
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