Credit, Loans & Mortgages

  1. Fixed Price Purchase Option

    A fixed price purchase option is the right, but not the obligation, to buy a leased item at a price determined at the onset ...
  2. Accessory Dwelling Unit (ADU)

    An accessory dwelling unit (ADU) is a legal term for a secondary house or apartment that shares the building lot of a primary ...
  3. Serious Delinquency

    A serious delinquency is when a single-family mortgage is 90 days or more past due and the bank considers the mortgage in ...
  4. Heatmap

    A heatmap is a two-dimensional visual representation of data using colors, when the colors all represent different values.
  5. Interest-Only ARM

    An interest-only adjustable-rate mortgage (ARM) is an adjustable-rate mortgage in which the borrower delays paying down any ...
  6. Credit Life Insurance

    Credit life insurance is a policy designed to pay off a borrower's debt if the borrower dies.
  7. Commodity Paper

    The commodity paper is the loan which involves raw materials owned by the borrower serving as collateral to the note.
  8. Agency Swap Program

    An agency swap program is the explicit use of mortgage-backed securities to dispose of mortgage loans, typically resulting ...
  9. Simple Interest

    Simple interest is a quick method of calculating the interest charge on a loan.
  10. Tri-Party Agreement

    A tri-party agreement is a business deal between three separate parties, commonly during the construction phase of a new ...
  11. Personal Loans vs. Car Loans: How They Differ

    How to tell whether a personal loan or a car loan is better for you.
  12. Perkins Loan

    The Perkins Loan Program provides low-interest student loans to undergraduate and graduate students who demonstrate exceptional ...
  13. Readvanceable Mortgage

    A Readvanceable Mortgage is a type of home loan that allows the borrower to package a line of credit into the loan.
  14. Dongle

    A dongle is a small device that plugs into another electronic device, such as a computer or a smartphone, to increase the ...
  15. Dual Apper

    A dual paper is a potential mortgage borrower who submits mortgage applications to different lenders at the same time in ...
  16. USDA Streamlined Refinancing

    USDA streamlined refinancing is a mortgage-refinancing option for homeowners who bought their home using a USDA loan.
  17. Warranty of Title

    A warranty of title is a guarantee that the seller has the right to transfer ownership to a buyer and no one else can claim ...
  18. Identity Fraud Reimbursement Program

    An Identity Fraud Reimbursement Program is a financial product providing consumer protection against penalties in the event ...
  19. Negative Pledge Clause

    A negative pledge clause disallows a corporation from pledging any of its assets to another lender if doing so gives existing ...
  20. Conditional Offer

    A conditional offer is an agreement that an offer will be made by a buyer if certain conditions are met.
  21. Squatter

    A squatter is a person who occupies a property with no legal claim to it but may gain adverse possession of the property ...
  22. How do credit bureaus make money?

    Take a closer look at how credit bureaus make money, and learn about the kind of services they provide to both lenders and ...
  23. Mortgage Modification

    A mortgage modification implements changes to the terms of an existing home loan, usually as short-term solutions to make ...
  24. Weekly Mortgage Applications Survey

    The Weekly Mortgage Applications Survey is a weekly assessment of the real estate financing market in the U.S.
  25. Descriptive Billing

    Descriptive Billing is a type of credit card billing that lists details of credit card transactions in a periodic report. ...
  26. When a 401(k) hardship withdrawal makes sense

    If you've exhausted all other avenues, there are ways to withdraw funds before age 59½ – sometimes without the 10% penalty ...
  27. Combined Guarantee

    A Combined Guarantee is a multiple-party credit card agreement in which all signatories are liable for the collective debt. ...
  28. Dial-Up Card Reader

    A Dial-Up Card Reader is a point-of-sale credit card terminal which uses a dedicated phone line for transactions.
  29. Refinance Wave

    A Refinance Wave is a phenomenon in which a spike in mortgage refinancing occurs, usually in response to a shift in interest ...
  30. Rate Tart

    A Rate Tart refers to a person who frequently transfers balances between credit cards to maintain low interest rates.
  31. Assistance Agreement

    An Assistance Agreement outlines terms and conditions under which a borrower will be able to receive funds from a lender. ...
  32. Income Sensitive Repayment - ISR

    Income Sensitive Repayment (ISR) is a method of repayment for loans that are serviced by Federal Family Education Loan Program ...
  33. Prepare Yourself Before Buying Your First Home

    Buying your first home is a huge step that shouldn't be taken without reviewing your needs and your finances.
  34. Credit Analyst

    A credit analyst is a financial professional who possesses expertise in assessing the creditworthiness of individuals, companies ...
  35. How the financial services sector differs from banks

    Learn about the difference between the banking industry and the financial services sector and how to distinguish financial ...
  36. How People Fall Into a Debt Spiral

    ...and how they can break their way out of it. Hint: You'll need to develop discipline and patience.
  37. Loan Note

    A loan note is an extended form of an IOU from one party to another that enables a payee to receive payments, possibly with ...
  38. The 6 Best Peer-To-Peer Lending Websites (LC)

    A look at some of the most well-known and reputable peer-to-peer lending websites, their business models and successes to ...
  39. Right of Redemption

    The right of redemption is the legal right of any mortgagor or borrower to reclaim property they would otherwise lose in ...
  40. Asset Protection

    Asset protection is the concept of exercising strategies to guard one's wealth from taxation, seizure or other losses.
  41. Power of Sale

    Power of sale is a clause in a mortgage that gives the lender the right to foreclose on a property without judicial review ...
  42. Use and Occupancy (U&O)

    Use and occupancy refers to a type of permit required when real property is transferred or an agreement that allows temporary ...
  43. Recourse Loan

    A recourse loan is a type of financing that allows a lender to seek damages and attach the accounts of the borrower if the ...
  44. In Escrow

    In escrow is a status for an item that has been transferred to a third party to be released later to a grantee as part of ...
  45. Distressed Sale

    A distressed sale is a situation wherein a seller attempts to divest themselves of an asset in an urgent manner even if means ...
  46. Standard Floor Limit

    A Standard Floor Limit is the maximum amount a merchant can charge a credit card without authorization.
  47. Standing Mortgage

    A standing mortgage can be contrasted with a normal mortgage as a kind of interest-only loan.
  48. Construction Loan

    A construction loan is a short-term loan used to finance the building or renovation of a home or other real estate project.
  49. Consumer Credit Delinquency Bulletin

    The Consumer Credit Delinquency Bulletin is a newsletter designed to help banks evaluate their loan portfolios.
  50. Conjoined Account

    A conjoined account is an account that has more than one account holder, each of whom has equal rights to access the account.
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