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Loans Glossary |
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Featured Loans Term: Monthly Periodic Rate - A number used in calculating your monthly loan payment. Simply, it's the yearly interest rate divided by 12. |
More Loans Terms
A
- Amortization - Making payments on debts...
- Appreciation - When an asset increases...
- APR - Annual Percentage Rate. The...
- ARM - Adjustable Rate Mortgage. A...
- Assets - Anything of value. Any...
- Assumable Mortgage - A mortgage that can...
B
- Balloon Loan - Unlike an amortized loan,...
- Balloon Mortgage - A mortgage that has...
- Balloon Payment - The large payment left...
- Bank Draft - A payment method where...
- Base Price - The price of a...
- Bridge Loan - Short-term loan to provide...
- Buy Down - When the lender and/or...
- Buyer’s Market - When there are more...
C
- CLTV - Combined Loan-to-Value. The unpaid...
- Combination Loan - With this type of...
- Combined Stafford Loan - A long-term, low-interest loan...
- Consolidated Repayment Plan - The Federal Family Education...
- Convertible ARM - An adjustable-rate mortgage (ARM)...
- Current Asset - Assets that will normally...
- Current Liability - Liability that will normally...
D
- Debt - An amount owed for...
- Debt Consolidation - The act of replacing...
- Debt Consolidation - The act of replacing...
- Deed - A formal written instrument...
- Deferment - A period of time...
- Down Payment - Used in loans with...
E
F
- FAFSA - Free Application for Federal...
- Fair Market Value - FMV. The highest price...
- Federal PLUS Loan Program - The Federal PLUS Loan...
- FFELP - Federal Family Education Loan...
- Fixed Rate Mortgages - A rate that does...
- Float Period - The float period refers...
- Forbearance - A period of time...
G
- Graduated Repayment Plan - A repayment schedule under...
- Gross Monthly Income - The total amount an...
H
- Home Equity Loan - A loan in real...
I
- Index - A table showing the...
- Indexed Rate - On variable loans, it's...
- Interest - A charge paid for...
- Interest Rate - The annual rate of...
- Interest Rate Adjustment Period - The interest rate adjustment...
- Interest-Only Loan - Loan payments have two...
- Interim Period - The period of time...
L
- Lender - The bank, mortgage company,...
- Lien - The right to retain...
- Line of Credit - Up to a certain...
- Liquid Assets - Cash or assets that...
- Lock Period - The amount of time...
M
- Margin - The amount a lender...
- Market Rate - The current rate of...
- Market Value - The highest price that...
- Monthly Periodic Rate - A number used in...
- Mortgage - A loan to finance...
N
- Net Income - Total income after taxes...
- Notice of Default - Any official notification that...
O
- Open-End Credit - A line of credit...
- Owner Financing - Financing provided by the...
P
- PITI - Principal, interest, taxes and...
- PMI - Private Mortgage Insurance. In...
- Principal - The amount borrowed, or...
- Promissory Note - A legally binding agreement...
R
- Rate - In lending, the amount...
- Rate Cap Insurance - Limits how much the...
- Refinancing - The process of paying...
- Renegotiable Rate Mortgage - A loan in which...
- Repayment Period - The period during which...
- Reverse Annuity Mortgage - RAM. A form of...
S
- Second Trust Loan - An alternative to private...
- Secured Debt - Money borrowed that is...
- Simple Interest - A method of computing...
- Standard Repayment Plan - A repayment schedule under...
- Subprime Borrower - A borrower with an...
- Subsidized Stafford Student Loan - A long-term, low-interest federal...
T
- Term - The time to reach...
- Term Mortgage - Usually a short-term fixed-rate...
- Title - Ownership of real property...
- Two-Step Mortgage - A mortgage in which...
U
- Underwriting - The analysis of the...
- Unsubsidized Stafford Student Loan - A long-term, low-interest loan...
