Credit, Loans & Mortgages

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  1. Credit Scoring

    Credit scoring ranks a small business or individual's credit riskiness based on a scale.
  2. Modified Tenure Payment Plan

    A modified tenure payment plan is a way to receive reverse mortgage proceeds that gives the borrower a line of credit, as ...
  3. Home-Equity Loan

    A home-equity loan is a consumer loan secured by a second mortgage, allowing home owners to borrow against their equity in ...
  4. Discount Points

    Discount points are a type of prepaid interest mortgage borrowers can purchase that lowers the amount of interest they will ...
  5. Principal, Interest, Taxes, Insurance (PITI)

    Principal, Interest, Taxes, Insurance (PITI) is the sum of a mortgage payment made of principal, interest, tax, and insurance ...
  6. Loan Constant

    A loan constant is a percentage that shows the annual debt service on a loan compared to its total principal value.
  7. NINJA Loan

    A NINJA loan is a slang term for a loan extended to a borrower with "no income, no job and no assets."
  8. Delayed Draw Term Loan

    A delayed draw term loan is a special feature in a term loan that stipulates that the borrower can withdraw predefined amounts ...
  9. Interest Deduction

    Interest deduction causes a reduction in taxable income or revenues for taxpayers who pay certain types of interest.
  10. Secured Note

    A secured note is a type of loan that is backed by the borrower's assets. If a borrower defaults on a secured note, the assets ...
  11. In-House Financing

    In-house financing is a type of seller financing in which a firm extends customers a loan, allowing them to purchase its ...
  12. Primary Account Number (PAN)

    A primary account number is a 14, 15 or 16 digit number generated as a unique identifier designated for a primary account. ...
  13. Average Outstanding Balance

    An average outstanding balance is the unpaid, interest-bearing balance of a loan or loan portfolio averaged over a period ...
  14. Mortgage Rate

    A mortgage rate is the rate of interest charged on a mortgage.
  15. What is PMI, and does everyone need to pay it?

    No – PMI is only required of those who can't make a 20% down payment on the home they're purchasing.
  16. Beacon Score

    The Beacon Score is a credit score generated by the Equifax Credit Bureau to provide lenders with insight on an individual's ...
  17. Agent Bank

    An agent bank is a bank that performs services in some capacity on behalf of an entity.
  18. Private Label Credit Card

    A private label credit card is a store-branded credit card that is intended for use at a specific store.
  19. Roll Rate

    Roll rate refers to the percentage of credit card users who become increasingly delinquent on their accounts.
  20. House Poor

    House poor is a situation that describes a person who spends a large proportion of his or her total income on home ownership, ...
  21. Recurring Billing

    Recurring billing is when a merchant automatically charges a cardholder for specified goods or services on a prearranged ...
  22. Unemployment Rates by Country

    Which countries have the lowest and highest unemployment rates? The answers might surprise you.
  23. Credit Application

    A credit application is a request for an extension of credit.
  24. Purchase Rate

    The purchase rate is the interest rate applied to purchases made with a credit card.
  25. Soft Inquiry

    A soft inquiry is a credit report check that does not affect an individual's credit score.
  26. Offline Debit Card

    An offline debit card is a type of automated payment card, similar to a traditional (online) debit card, that allows a cardholder ...
  27. Add-On Interest

    Add-on interest is an alternative method of calculating interest whereby the interest payable is determined at the beginning ...
  28. Automatic Bill Payment

    An automatic bill payment is a money transfer scheduled on a predetermined date to pay a recurring bill.
  29. Keepwell Agreement

    A keepwell agreement is a contract between a parent company and its subsidiary to maintain solvency and financial backing ...
  30. Short Sale (Real Estate)

    In real estate, a short sale occurs when a homeowner in financial distress sells his or her property for less than the amount ...
  31. Delinquency Rate

    A delinquency rate is the percentage of loans within a loan portfolio that have delinquent payments.
  32. Default Rate

    The default rate is most commonly referred to as the percentage of loans that have been charged off after a prolonged period ...
  33. Returned Payment Fee

    A returned payment fee is a charge a credit card company may assess to a customer’s account if the customer attempts to pay ...
  34. Visa Card

    A Visa card is any type of payment card utilizing the Visa network and branded by Visa Inc.
  35. Corporate Refinancing

    Corporate refinancing is the process through which a company reorganizes its financial obligations by replacing or restructuring ...
  36. Foreclosure

    Foreclosure is the process through which a lender seizes and sells a home or property after its buyer is unable to fulfill ...
  37. Collection Agency

    A collection agency or debt collector is a company hired by lenders to recover funds that are past due or accounts that are ...
  38. Residential Mortgage-Backed Security (RMBS)

    Residential mortgage-backed securities are a type of security created from residential debt such as mortgages, home-equity ...
  39. Forbearance

    Forbearance is a temporary postponement of mortgage payments.
  40. Rule of 78

    The Rule of 78 is a method used by some lenders for calculating interest charges on a loan.
  41. Credit Utilization Ratio

    The credit utilization ratio is the percentage of a borrower’s total available credit that is currently being utilized.
  42. Creditor

    A creditor is an entity that extends credit by giving another entity permission to borrow money if it is paid back at a later ...
  43. Pledged Asset

    A pledged asset is an asset that is transferred to a lender for the purpose of securing debt.
  44. Prepayment Penalty

    A prepayment penalty is a clause in a mortgage contract that says if the mortgage is paid down or paid off within a certain ...
  45. Paydown

    A paydown occurs when the amount a company or government repays in debt exceeds the amount they currently borrow.
  46. Signature Loan

    A signature loan is a personal loan offered by banks and other finance companies that uses only the borrower's signature ...
  47. Non-Recourse Finance

    Non-recourse finance is a loan where the lender is only entitled to repayment from the profits of the project the loan is ...
  48. Ginnie Mae - Government National Mortgage Association

    Ginnie Mae is a U.S. government corporation within the U.S. Department of Housing and Urban Development (HUD).
  49. Default Risk

    Default risk is the event in which companies or individuals will be unable to make the required payments on their debt obligations.
  50. Transferable Letter of Credit

    A transferable letter of credit is a letter of credit that permits the initial beneficiary of the credit to make some or ...
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