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Annual Fee

Some credit cards charge an annual fee for the use of the card, which is added to your monthly bill.
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Bank rate

The minimum rate charged by the Bank of Canada for one-day loans to chartered banks, trust and loan companies and other members of the Canadian Payments Association.
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Conventional mortgage

For a mortgage to be considered conventional, more than 20 per cent of the home’s property value must be put toward the down payment.
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High-ratio mortgage

A mortgage is considered to be high ratio when the buyer puts less than 20 per cent of the property value towards the down payment.
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Lender

A lender is a financial institution such as a bank, credit union or mortgage company that provides financing including loans and mortgages.
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Mortgage broker

A mortgage broker is a professional who provides the client with access to the best mortgage rates offered on the market.
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Pre-approval

A process used by mortgage lenders to determine the loan amount they would give to a potential buyer based on an extensive review of the buyer’s credit history.
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Prime rate

The rate suggested by the Bank of Canada on which most banks base their prime mortgage lending rate.
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