TERMINOLOGY

What is the loan repayment period?
This is the time after the draw period ends. This period of time will vary depending on the balance at the time of the last advance before the draw period e...
Thu, Nov 7, 2019 at 1:34 AM
What is the minimum periodic payment?
The smallest payment a member can make under an open-end plan that will keep the account current (not in default).
Thu, Nov 7, 2019 at 1:35 AM
What is the principal amount of a loan?
The actual amount borrowed without added interest or other charges.
Thu, Nov 7, 2019 at 1:35 AM
What is underwriting?
Underwriting is the analysis of risk, the determination of the appropriate loan amount or credit limit, and the setting of the interest rate and other terms...
Thu, Nov 7, 2019 at 1:36 AM
What is unsecured debt?
An unsecured debt is not backed or secured by any collateral.
Thu, Nov 7, 2019 at 1:36 AM
What is an installment loan?
An installment loan is a loan that is repaid with a fixed number of periodic, equal sized payments.
Thu, Nov 7, 2019 at 1:37 AM
What will happen at the mortgage closing?
At closing, you, your agent, the seller, the sellers agent (in most cases), and the settlement agent, will sit down to go over the legal documents regarding...
Thu, Nov 7, 2019 at 1:37 AM